Today was the day of Pakistan’s annual budget(2010-2011). The budget speech has come to an end. This was the third budget of Current government’s.Three years, three federal government finance minister is replaced. Before submitting Budget adviser Abdul Hafeez Shaikh Federal Minister of Finance took oath.

Main Points of Budget(2010-2011)

In his budget speech at special budget session of the National Assembly, Dr. Hafeez Shaikh announced

  1. 50% increment in the salary of Government Employ
  2. Total volume of Budget was a 32 Kharab(32 hundred billion ) and 59 Arab(59 billion) rupees in this budget.
  3. Estimated resources are approximately 25 Kharab and 74 Arab Rupees.
  4. General Sales Tex increases from 16 % to 17%.
  5. According to Budget Medical Allowances are 100% of grade 1 to 15 Government employer and government employer of 16 to 22 grade will get medical Allowance 15% of their basic salary.
  6. Raise in pension by 15 percent for employees retired before 2001 and 20 percent for those retired after 2001.
  7. Tax revenue is targeted at 1.78 trillion rupees out of which the Federal Board of Revenue will collect 1.667 trillion rupees, about 9.8 percent of GDP.
  8. Non-tax revenue is targeted at 632.2 billion rupees. Revenue from direct taxes is targeted at 657.7 billion rupees and revenue from indirect taxes is targeted at 1.12 trillion rupees. Subsidies will be reduced to 126.68 billion rupees from 228.99 billion rupees.

These were the key points of today budget ceremony .

Tax revenue is targeted at 1.78 trillion rupees out of which the Federal Board of Revenue will collect 1.667 trillion rupees, about 9.8 percent of GDP.

Non-tax revenue is targeted at 632.2 billion rupees. Revenue from direct taxes is targeted at 657.7 billion rupees and revenue from indirect taxes is targeted at 1.12 trillion rupees. Subsidies will be reduced to 126.68 billion rupees from 228.99 billion rupees.

The general sales tax will be reformed to a uniform rate of 15 percent. GST will not be imposed on health, education, food items and on those merchants whose turnover is less 7.5million rupees.

This reform will be effective from October 1, 2010.

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