Islamabad (October 20, 2018): Federal Board of Revenue (FBR) on Saturday has suggested to impose Rs6 per 40kgs on cotton seed as sales tax.
According to details, a summary in this regard has also been forwarded to finance ministry for approval.
It is to be mentioned here that Supreme Court (SC) had suspended the notification of price hike due to Federal Cabinet’s disapproval ahead of by-elections.Earlier, Adviser to Prime Minister on Commerce and Textiles Abdul Razzaq Dawood had assured to provide quality seeds and pesticides to the farmers for increasing their per acre yield of cotton.
Government has set a target of 15 million bales of cotton for 2018 -19 as compared to current 10.8 million bales production, he added.
He said the government will soon negotiate with all stakeholders to evolve long, medium and short term plan for promotion of textile industry in the country.
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