How much will salaries increase? Disclosed in Federal Budget

According to the report of Baaghi TV, Prime Minister Imran Khan convened a special meeting of the federal cabinet regarding the budget.

The meeting of the Federal Cabinet will be held at the Prime Minister’s House at 12 noon today. In the Cabinet meeting, Finance Advisor Abdul Hafeez will give a special briefing on the federal budget. The Federal Cabinet will give final approval of the budget in the special meeting. Will be taken into confidence.

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Cabinet members will be taken into confidence on expenditure, revenues, deficit and Corona relief package. The Cabinet will be briefed on development budget subsidies, exports, loans on imports, aggregate grants, tax rates, defense and education budgets. There will also be a briefing. The budget expenditure will be estimated at Rs 7,600 billion or more. A final decision will be taken at the meeting. There will also be a decision on increasing the salaries and pensions of government employees.

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It should be noted that the budget for the next financial year 2020-2021 will be presented today, the volume of which is being kept at Rs 7600 billion, the target of tax revenue can be set at Rs 4950 billion. Sources said that the deficit is likely to be more than Rs 3427 billion, with interest and debt repayment estimated at Rs 3235 billion. Defense could cost Rs 1402 billion.

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The federal budget is likely to spend Rs 475 billion on pensions, while a budget of Rs 495 billion could be set aside for federal ministries and departments. The federation can spend Rs 260 billion on subsidies. The federal government can release Rs 820 billion in grants, the federal development budget will be kept at Rs 650 billion.

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The salaries of government employees are likely to be increased by 10 percent. The federal budget will be presented by Federal Minister for Industries and Production Hamad Azhar. This is the second federal budget of the PTI government.

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The federal government can spend Rs 260 billion on subsidies, the IMF has called for the abolition of sales tax exemptions in all sectors, the tax rate for non-filers is likely to increase, income tax for the salaried class is reduced. Income tax and FED may be increased for non-filers, GST rate for non-filers may be increased from 17%.

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Withholding tax is likely to be levied on foreign currency transactions, federal excise duty may be levied on e-cigarettes, it is proposed to increase the scope of advance income tax, it is proposed to increase the holding tax slab in electricity bills to 3. It is proposed to increase the holding tax on electricity bills from 33 to 66 thousand to 10 percent, and from more than 66 thousand electricity bills to 15 percent.

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