Govt. urged to withdraw ‘Reformed GST’

The Pakistan Yarn Merchants Association (PYMA), has urged the government to exempt the textile sector from  the proposed enforcement of ‘Reformed GST’ which will be effective  from Oct 1.

In a statement here Saturday, the Association said that implementation of GST will increase the cost of the production of textile sector by at least 17 percent.

The Association observed that the Reformed GST will also cause a cut in the production of textile units and trading yarn will be affected besides closure of industrial units.

A meeting of the Association presided by its zonal chairman Saqib Naseem further noted that the revenue to the government will be reduced and called upon the Finance Minister and chairman Federal Board of Revenue (FBR) to withdraw one percent turnover tax and 3.5 percent with holding tax.