ISLAMABAD: The industrialists have urged the finance ministry to ensure further Rs100 billion cut in the head Gas Infrastructure Development Cess (GIDC), it was learnt on Monday.
According to sources, efforts so far made by the government to resolve Rs416 billion worth GIDC, pending with the owners of fertilizer and textile companies, captive power plants and general industry, has so far not satisfied the industrialists as they are unwilling to clear the pending GIDC.
Sources said that despite the government’s decision to waive off Rs208 billion of the total Rs416bln GIDC, industrial barons have written letters to the Ministry of Finance, asking for further relief of Rs100 billion.
They said the industrialists made this request as they are unable to pay late payment surcharges which the ministry had included in the GIDC amount.
The unwillingness expressed by industrialists in this regard has ruined the efforts so far initiated to resolve the GIDC controversy, sources added.
It is pertinent to mention that the total outstanding GIDC (billed and unbilled) of Sui Northern Gas Pipelines Limited (SNGPL) was Rs69.1 billion, as it deposited an amount of Rs44.8 billion from its total accrual of Rs113.9 billion.
Similarly, outstanding GIDC of SSGCL was Rs145.7 billion, as it deposited an amount of Rs23.9 billion from its total accrual of Rs168 billion.
Likewise, the total outstanding GIDC of Mari Petroleum Company Limited (MPCL) was Rs71 billion. Out of the total accrual of Rs 121 billion, the MPCL deposited the amount of Rs50 billion.
Moreover, out of the total accrual of Rs11.8 billion, Pakistan Petroleum Company Limited (PPCL) deposited an amount of Rs8.4 billion and in this way, total GIDC outstanding with PPCL was Rs3.4 billion.
Furthermore, out of the total accrual of Rs21.5 billion, Oil and Gas Development Company deposited the amount worth Rs17.7 billion. The total outstanding with the OGDCL was Rs3.7 billion.
Documents revealed that out of the total accrual of Rs2.5 billion, fertilizer-fuel had deposited Rs1 billion while Rs1.5 billion was its outstanding GIDC.
The total accrual of fertilizer feed (old) was Rs112.4 billion while it deposited Rs55 billion and now its outstanding GIDC was Rs57.5 billion.
The outstanding GIDC of fertilizer feed (new) was Rs54.5 billion. It deposited Rs1.1 billion out of total accrual of Rs55.6 billion.
Outstanding GIDC of industry was at Rs21.8 billion, as the industry had deposited Rs12.1 billion against the total accrual of Rs34 billion.
Captive power’s outstanding GIDC was Rs63.4 billion after it deposited Rs8.8 billion against the total accrual of Rs72.2 billion.
Total outstanding GIDC of KESC/GENCO was Rs32.1 billion after the KESC deposited Rs27.4 billion against the total accrual of Rs59.5 billion.