ICCI for introduction single digit GST in upcoming budget.

ISLAMABAD -- The Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday urged the government to introduce single digit GST in the upcoming budget that would bring down the production cost, provide good relief to the common man in prices and facilitate the better growth of business activities.

ICCI President Muhammad Shakeel Munir, in a statement, claimed that 17 percent General Sales Tax (GST) was quite high which was a major cause of high inflation and high cost of doing business.

He said the sales tax rate was 5 percent in the United Arab Emirates, Oman and Taiwan; 7 percent in Singapore; and 8 percent in Iran and Sri Lanka, while it was 17 percent in Pakistan, which should be brought down to less than 10 percent in order to facilitate the growth of trade and industrial activities, and reduce inflation for providing relief to the general public.

The IICI president said high tax rates in Pakistan were a major hurdle...