ISLAMABAD (Ishtiaq Ahmed):- The coalition govt led by Prime Minister Shehbaz Sharif and the International Monetary Fund has reached on a schedule to impose 17 percent General Sales Tax and phase manner Petroleum Development Levy Rs50/liter on petroleum products during the next fiscal year.

Sources said that the govt and IMF has reached on scheduled to impose GST and PDL on petroleum products from 1st July 2022 to June 2023 for revival of stalled loan program of IMF.

According to the schedule, the petroleum levy rate will be increased by Rs.5/liter each month. Currently, GST and PDL and subsidy is zero on petroleum products.

According to the schedule, the government will charge 17 % general sales tax and Rs5/liter PDL on petroleum products in July 2022.
In August, 17 % general sales tax and Rs 10 per liter of petroleum levy on petroleum products. In September, 17 % general sales tax and Rs 15 per liter petroleum levy on petroleum products . In October there will be 17 % general sales tax and Rs 20 per liter of petroleum levy on petroleum products. In November, 17 % general sales tax and Rs 25 per liter of petroleum levy on petroleum products.
In December 2022, there will be 17 % general sales tax and Rs 30 per liter of petroleum levy on petroleum products. In January 2023, there will be 17 % general sales tax and Rs 35 per liter of petroleum levy on petroleum products. In February, there will be 17 % general sales tax and Rs 40 per liter of petroleum levy on petroleum products. In March 2023, there will be 17 % general sales tax and Rs 45 petroleum levy on petroleum products.

In April 2023, the government will take full sales tax and levy on petroleum products. It will be 17 % general sales tax and Rs 50 per liter of petroleum levy on petroleum products will be deducted in 2023.

The GST collection might be suspended as global prices of petroleum products and crude oil rise.

The schedule indicates that the government will increase the prices of petroleum products on 1st July to implement the conditions of the IMF.

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