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Sugar value elevated by Rs2/kg in Karachi’s wholesale market

KARACHI: Following the federal government’s advice to extend sugar value within the 2019-20 federal price range by Rs3.60/kg, Sugar Mills homeowners on Wednesday jacked-up value of 100-kg bag by Rs. 200, ARY Information reported.

“Worth of 100kg sugar bag is now being bought at Rs 6,800”, the wholesale market sellers mentioned.

With the most recent hike, the sugar value with the rise of Rs. 2 per kg now has been mounted at 68 rupees per kg within the wholesale market.

State Minister for Income Hammad Azhar whereas presenting the price range within the Nationwide Meeting, yesterday, maintained that presently sugar was topic to gross sales tax at eight per cent.

He confused that there was big financial potential, however tax assortment from this sector was Rs18 billion which was a lot decrease than precise potential.

“To maximise this tax hole and to harmonise its fee with different objects, it’s proposed that the gross sales tax fee on sugar could also be elevated to 17 per cent,” the state minister continued.

Because of this measure, the value of sugar was anticipated to extend by Rs3.60 per kilogramme.

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