MULTAN: The Pakistan Cotton Ginners Association (PCGA) has hailed the Government decision to withdraw 17 % General Sales Tax (GST)on rapeseed (Binola) and Oil-cake (Khal) describing it a revolutionary step for the survival of cotton economy. Positive impact and far-reaching outcome would emerge soon on Country's economy.
Addressing a Press conference here today Chairman PCGA Suhail Mehmood Haral alongwith Haji Muhammad Akram ,Malik Talat Suhail, Ch.Waheed Arshad, Aasim Saeed Sheikh ,Mian Rashid Mehmood, Ch.Khalid Bashir and Rao Sadaruddin said that this decision would help in strengthening and revival of the cotton growers as well as ginning sector which was neglected in past .
Suhail Mehmood Haral said that Prime Minister Mian Shahbaz Sharif, Federal Finance Minister Miftah Ismail, Minister for water resources Khurshid Ahmed Shah and Federal Minister for National Food Security and ResearchTariq Bashir Cheema listened to PCGA leadership patiently and they played their key role in resolving this issue which had badly hit the ginning sector & oil sector.
He was optimistic that this decision would be helpful to increase the GDP growth and extra-ordinary enhancing the foreign exchange reserves besides putting the derailed economy on the track. He hoped that import bill of edible oil would cut considerably.
Suhail Mehmood Haral said that value-added textile may increase job opportunities,exports and foreign exchange.
Haji Muhammad Akram group Chairman said that Pakistan Federation Pakistan Chambers of Commerce and Industry (FPCCI)played an important role to convince the Government for waiving off these taxes. PCGA suggested that Government should declare all oil-producing produces tax-free for boosting up the edible oil industry and making Pakistan self sufficient in oil to save more than 4 billion dollars per annum.
PCGA also urged upon the Punjab Government to waive the cotton fee and cut the property tax on cotton ginning factories.