USC Suspends Sugar Sales Due to New Federal Excise Duty
According to the spokesperson, the development came in the wake of the newly imposed Federal Excise Duty (FED) of Rs 15 per kilogram of sugar.
The spokesperson said that the corporation has sought clarification from the Federal Board of Revenue (FBR) on the new tax.
He said that the corporation has sufficient stock of sugar but has halted sales until the FBR provides clarification on the FED.
The USC spokesperson stated that as soon as the FBR issues a clear directive, sugar sales will resume immediately.
The price of per kg sugar is fixed at Rs109 for the Benazir Income Support Programme (BISP) consumers, while the same is being sold at Rs155 per kg to the general public.
Earlier sources revealed that Utility Stores Corporation (USC) procured 10,000 metric tonnes of sugar at Rs141.20/kg.
Sources privy to the development said the Utility Stores Corporation procured the 40,000 metric tonnes of sugar from the tender of 45,000 metric tonnes issued.
Utility Stores Corporation procures 10,000 metric tonnes of sugar
It is pertinent to mention here that a total of Rs 65 billion were allocated for the PM’s and Ramadan packages in the budget out of which Rs 10 billion were allocated for the PM’s Ramadan Relief Package and the remaining Rs 55 billion for the PM’s Relief Package.
Additionally, Rs 35 billion were allocated under the PM’s package for the ongoing financial year.
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