In his address to an event at the Pakistan Stock Exchange (PSX) In the Karachi, Miftah, the government only demanded tax of Rs36,000 per year from the traders, but admitted his mistake that the decision was taken in haste.
“We should have done homework before imposing GST on bills,” Miftah Ismail said and added that he was given wrong advice from his team members.
The finance minister said the government was planning to receive Rs42 billion tax but after the relaxation of GST collection to the small traders, the government has estimated collection of Rs34 to 35 billion.
It may be noted, after the pressure from nationwide traders over the fixed tax regime, the federal government withdrew its decision of collecting general sales tax (GST) on electricity bills for one year.
The development came after successful negotiations between the government team and traders. PML-N Leader and Federal Minister for Finance and Revenue Miftah Ismail and Federal Minister for Power Khurram Dastgir Khan hold talks with the business community.