As preparations for the upcoming budget for the fiscal year 2023-24 continue, finance authorities are working on several tax proposals, including a Rs170 billion mini budget and an extension of the additional Goods and Services Tax (GST) on various items. One of the noteworthy proposals under consideration is the increase in GST on imported baby milk from 12% to 18%.
According to sources, the proposal aims to impose a higher GST rate on imported baby milk as part of the efforts to enhance revenue generation and streamline tax structures. If implemented, this change would impact consumers who rely on imported baby milk for their infants.
Furthermore, it has been revealed that additional items are also expected to face an increased GST rate of 18%. Canned meat, fish, imported chicken, and other related products would fall under this category, which could result in price adjustments and potential effects on consumer purchasing behavior.