Printed on Mon May 16 2022 8:06:46 AM

Prices of the products that will decrease in the proposed budget

Staff Correspondent
Prices of the products that will decrease
Finance Minister AHM Mustafa Kamal has present the budget for the fiscal year 2021-2022 in Parliament. This year's budget is 6 lakh 3 thousand 681 crore.

In this year's budget, VAT, import duty, advance tax or supplementary duty on some products have been waived. As a result, the prices of some products will decrease. Commodity is on the list of price reduction, VAT on commodity has been exempted at the production stage.

Besides, VAT on fruits has been withdrawn at the business level. So the price of fruit may go down. This time the price of agricultural machinery will be reduced in this budget. The budget exempts production and weeder machine and business level VAT exemption in the budget.

In addition, thresher machines, power reapers, power tillers, operated cider, combine harvesters, rotary tillers, weeders and threshing machines have been exempted from advance tax. As a result, the prices of these products may go down.

Prices for microbuses and hybrid cars could fall. In addition, local production of blender, juicer, mixer, grinder, electric kettle, rice cooker, multi cooker, pressure cooker has been exempted from VAT. This can reduce the price of these products. VAT exemption for manufacturing of washing machines, microwave ovens and electric ovens As a result, the prices of these products may also come down.

In the proposed budget, it has been proposed to reduce the existing value added tax on paper cone used in spinning mills from 15 percent to 5 percent.

All VAT on locally produced sanitary napkins has been exempted. In addition, the existing VAT exemption for import of certain raw materials for the production of sanitary napkins and diapers has been extended for two years.

It has been proposed in the budget to maintain control Coronavirus, import of Covid-19 test kits, PPE and vaccine and to maintain VAT exemption at the commercial level.

In order to make human sanitation in rural areas more affordable, a 10 per cent supplementary duty on locally produced long pan has been withdrawn. At the same time, VAT exemption on autism service activities has been given.

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