In the upcoming federal budget income up to Rs300,000 will remain exempted from income tax while the proposal for increasing rate of tax on withdrawal of more than Rs25,000 from banks has been turned down.
According to the officials of Federal Board of Revenue (FBR), in case of failure in the implementation of Reformed GST in the upcoming budget, the present 17 percent GST will be kept unchanged.If RGST is implemented, then the rate of GST is expected to be reduced to 15 percent.
