Ishaq Dar defends his budget proposals

Latest update (10:45pm PST): Finance Minister Ishaq Dar issues notification that increased GST will not apply on oil products. But he refused to accept reduced GST on other products. In the fiscal budget GST is increased from 16% to 17%.

Finance Minister Ishaq Dar while speaking to the media defended his budget proposals. He said that the collection of GST immediately after announcement has been the practice of all past governments. So they have been following the tradition and the opposition stance on this issues is without foundation. He said that he did not raise government salaries under pressure rather. he said that once he got the inflation report it was justified to announce increase in the salaries.

Ishaq Dar said that he will clear the circular debt of 500 billion in 60 days. He said that failure of the past government to clear circular debt created bad impression for Pakistan in international markets because most of these debts are secured by sovereign guarantee. He justified his approach by stating that to attract foreign investment we have to tackle this issue immediately. He promised that circular debt will be cleared by July 31st.

Ishaq Dar said that hybrid cars duty reduction will re-invigorate the car manufacturing market who has the capacity to produce these cars within 6 months. He said that introduction of these cars will reduce the pressure on CNG demand.

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