Lahore, June 04, 2014 (PPI-OT): The Lahore Chamber of Commerce and Industry Wednesday lauded the government’s decision to reduce General Sales Tax on tractors from 16 per cent to 10 per cent.
In a statement issued here, the LCCI President Engineer Sohail Lashari said that the cut in GST will reduce the price of a 50 HP tractor by Rs 40,000 and for high horse power tractors, the price reduction impact would be around Rs 100,000.
He said that this would give an impetus to the crisis ridden tractor industry which has been running at less than 50 per cent of its production capacity. This boost means employment generation in the 300 plus vendors and several downstream industries, enhancement of government revenues, and boost to the agriculture sector enhancing its productivity and creating employment in rural Pakistan.
The LCCI President also praised the efforts of former Senior Vice President LCCI Malik Tahir Javaid and Executive Committee member Eng Mumshad Ali, who played an active role in this regard. The LCCI President added that this decision would not have been possible without the support of the Minster for Food Security Sikander Bosan, Ministry of Industries and the Engineering Development Board.
These Ministries pleaded the case for reduction of GST on tractors with the Finance Ministry. Sohail Lashari hoped that this decision along with enhanced loaning facilities for the farmers would mean more revenues for the government and more growth in the Agriculture sector. “We expect more such business-friendly and growth oriented decision in the larger interests of the economy.”
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854
The post Lahore Chamber of Commerce and Industry lauds Govt decision to reduce General Sales Tax on tractors appeared first on AsiaNet-Pakistan.