Thursday, September 28

Utility Stores Contributed Rs 7.09 billion to National Exchequer in Past Fiscal Year


ISLAMABAD, Aug 20 (APP): Utility Store Corporation (USC) here on Thursday said that USC is one of the largest tax paying entities and contributed Rs 7.09 billion tax to the national exchequer during the fiscal year July 2019 to May 2020. USC always procures commodities in compliance with Public Procurement Regulatory Authority (PPRA) rules to ensure availability of ample supply of all food items at the Utility Stores, said a press release issued here.

USC, despite the spread of Covid-19 from January, 2020 to April, 2020 ensured availability of quality food items to the people in large quantities and successfully completed the Prime Minister’s Relief Package. The proof of improved performance is supported by facts as USC had monthly sales of Rs. 300 million in the previous government and now it has started selling more than Rs. 6 billion a month and the debt owed by the corporation has also been settled gradually. The Corporation also served 29.8 million households during the period from January-June, 2020.

The stocks inventory of the Corporation has increased from Rs.5.6 billion as on June 30, 2018 to Rs.15 billion as on May 30, 2020 whereas the sales of the USC have increased from Rs.9 billion in FY 2018-19 to Rs.50.832 billion in FY 2019-20 and vendor’s liabilities have also decreased from Rs 10.283 billion as on June 30, 2018 to Rs 3.491 billion on June 30, 2020, it added.

The Prime Minister launched the Prime Minister’s Relief Package on January 8, 2020 and a special grant of Rs 5 billion was provided for the purchase of goods and Rs 1 billion was granted in terms of subsidy to be delivered to the common people. In the first phase of the Prime Minister’s Relief Package, the federal government announced subsidies on five basic food items namely sugar, ghee, flour, pulses and rice, which continued till April 17, 2020.

The federal government has expanded the scope of the Prime Minister’s Relief Package during the month of Ramadan by announcing subsidy on 19 products including five basic items (Sugar, Wheat Flour, Ghee, Pulses and Rice). During the month of Ramadan, under the Ramadan Relief Package, USC achieved a benchmark of Rs 22 billion sales, the highest ever in its history. The PTI-led Government not only provided relief to the people through the Ehsaas Program but also gave relief through the USC by providing subsidy on staple food items.

During the FY 2017-18 the Utility Stores Corporation of Pakistan (USC) was a loss making entity as it had a total inventory of Rs 5.64 billion in its warehouses and stores. With such a low level of inventory, USC was not even able to break-even. The accumulated loss of the Corporation was Rs 6.634 billion while vendors’ payments worth 10.283 billion were payable. If we compare the performance of USC between the incumbent government and the previous government, it would be evident that due to negligence and political hiring, USC was a loss making entity and a burden on the national exchequer.

Stay tuned to Baaghi TV for latest news and updates!

Pak-China Foreign Ministers Strategic Dialogue Highly Relevant

Government Committed to Root Out Menace of Corruption: Kanwal Shauzab

Asian real estate technology group expands business in Pakistan

Leave a reply