ISLAMABAD – In a bid to control soaring prices of sugar in the country, the federal government has decided to reverse the sales tax to the ex-mill rate till November 30, 2021, it emerged on Thursday.
The decision was taken in a meeting chaired by Prime Minister Imran Khan to review the prices of essential items.
It has also been decided that ministries of industries and finance would review the future requirement of sugar and its import.
The prime minister has directed the chief secretaries to fix reasonable prices of essential daily items and ensure their implementation.
It was also decided that stern action will be taken against the negligent concerned officials. The meeting agreed to develop a system to fix the prices of edible oil.
The premier also directed for early finalization of legislation over the data sharing of necessary daily use items.
On July 16, the Economic Coordination Committee of the Cabinet approved revision in prices of three essential commodities to rationalize provision of subsidies by the Utility Stores Corporation (USC).
ECC approved the revision in prices of three essential commodities namely Atta (20 kg bag) to Rs. 950, Ghee (per kg) to Rs. 260 and Sugar (per kg) to Rs. 85 respectively, owing to an increasing gap between the subsidized prices offered by USC and the prevailing market prices.