Govt to impose Rs6 sales tax on cottonseed

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The Federal Board of Revenue (FBR) on Saturday suggested the imposition of Rs6 per 40kgs on cottonseed as sales tax.

According to details, a summary in this regard has also been forwarded to the finance ministry for approval.

It is pertinent to mention that the 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.

The government has set a target of 15 million bales of cotton for 2018 -19 as compared to current 10.8 million bales production, he said.

He also announced that the government will soon negotiate with all stakeholders to evolve long, medium and short-term plan for the promotion of textile industry in the country.