Published On: Mon, Jun 14th, 2021
Published in Category: Lahore

Punjab’s budget for FY2021-22 to be presented on Monday

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Lahore: Punjab govt will present 2600 billion rupees worth surplus budget for FY2021-22 on Monday.

Provincial Finance Minister Hashim Jawan Bakht will deliver the budget speech.

Sources claimed that coming fiscal year’s budget is worth additional 359.4 billion rupees as compared to current fiscal year 2020-21, an increment of nearly 16 percent.

Provincial Govt is supposed to get 1691 billion rupees through taxes while the total income of province is estimated to be 360 billion rupees.

The development budget for the coming fiscal year is estimated to be 560 billion rupees which is 158 billion rupees more than the current revised 402 billions.

The development budget is further divided as 144 billion rupees for ongoing development schemes, 167 billion for new development schemes, 100 billion for district development program and 44 billion rupees for other development schemes.

Punjab govt, following the footsteps of Federal govt, will announce a 10 pc increment in salaries and pensions, sources confirmed.

The Provincial govt has decided to cut-off sales tax ratio in different sectors to boost business activities. These sectors include insurance agents, insurance brokers and entertainment sectors.

Sources told that 5 pc GST on service will be imposed on insurance agents and insurance brokers while GST have been completely removed from entertainment industry.

Suggestions are also under consideration to lessen sales tax on call centres by 3.5 pc. 5 percent sales tax would be imposed on laundry and dry cleaners.