Breakthrough Milestone: PCGA Welcomes 17pc GST Exemption on Cottonseed
The Pakistan Cotton Ginners Association (PCGA) hailed the abolition of the 17% General Sales Tax (GST) on cottonseed meal and cottonseed and called it a revolutionary step, saying that the decision would have a positive and far-reaching impact on the national economy.
MULTAN, (UrduPoint/Pakistan Point News – June 24, 2022): The Pakistan Cotton Ginners Association (PCGA) has welcomed the abolition of the 17% General Sales Tax (GST) on cottonseed cake and cotton seeds and called it a revolutionary step, saying that the decision would have a positive and considerable impact on the national economy.
PCGA Chairman Sohail Mahmood Harral at a press conference here on Friday said the government’s decision would be helpful in improving the economy, the welfare of farmers and reviving the agriculture sector. ginning.
On this occasion, Haji Muhammad Akram, Malik Talat Sohail, Chaudhry Waheed Arshad, Asim Saeed Sheikh, Mian Rashid Mahmood, Chaudhry Khalid Bashir, Rao Sadruddin and Mazhar Shoaib Khan were present.
He said cotton was the backbone of the country’s economy. Prime Minister Shahbaz Sharif, Finance Minister Muftah Ismail, Water Resources Minister Khursheed Ahmed Shah, Food Security Minister Tariq Bashir Cheema, Pakistani Government Advisor Sheikh Fayyaz-ud-Din and MP Kheal Das played an important role in eliminating the GST on cotton. oilcake and cottonseed for which the association was deeply grateful.
The country’s economy depends on cotton and the government’s decision will lead to a dramatic increase in GDP (growth rate) and foreign exchange reserves, he added.
There will be a significant reduction in the import bill for edible oil and to increase the export of value-added textiles and to provide employment.
The seasonal value of cotton sticks was Rs 300 billion and the government’s decision would lead to an increase in cotton production.
Haji Muhammad Akram said that with the government’s decision, farmers would be attracted to increased cotton production.
Malik Talat Sohail said the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) played an important role in the government’s decision.
Asim Saeed Sheikh said the decision would prove to be the most important for cotton’s survival and recovery.
Group President Haji Muhammad Akram presented the bouquet and congratulated PCGA President Sohail Mehmood Harral, Chaudhry Waheed Arshad, Malik Talat Sohail and others.