National Assembly passes the Finance Bill 2021 to approve the budget

National Assembly passes the Finance Bill 2021 to approve the budget for the next fiscal year.

The National Assembly today (Tuesday) passed the Finance Bill 2021, giving legal effect to the budgetary proposals for the next fiscal year.

National Assembly passes the Finance Bill 2021

Finance Minister Shaukat Tarin presented the bill.

The House majority rejected the Opposition’s proposed amendments to the finance bill.

Having a total outlay of 8,487 billion rupees, the budget 2021-22 envisages incentives and measures for various sectors to promote business activities and provide relief to the general public.

The federal employees have been granted ten percent ad hoc relief besides ten percent increase in pensions.

Moreover, the minimum wage also enhanced to twenty thousand rupees per month.

The annual PSDP increased by 40 percent from six hundred and thirty billion rupees to nine hundred billion rupees.

One hundred billion rupees earmarked for construction of hydro power dams. They include: Dasu, Diamer Basha, Mohmand and Neelum Jhelum.

4.8 percent growth target

The growth target of 4.8 percent has been set for the next fiscal year with tax collection target of 5829 billion rupees.

Allocation for Ehsaas program enhanced from 210 billion rupees to 260 billion rupees for the next fiscal year.

An amount of Rs 682 billion earmarked for subsidies which were 430 billion rupees during the outgoing fiscal year.

The budget also provides zero rating to export of IT services. Locally manufactured cars up to 1000CC get tax relief with various tax exemptions. Similarly, concessions also given to encourage the manufacturing of electric vehicles in the country.

Moreover, government has allocated Rs60 six billion for the Higher Education Commission and Rs 10 billion for Kamyab Jawan Program.

The budget also envisages allocation of 1.1 billion dollars for procurement of anti covid vaccine.

Now, the house will now meet tomorrow (Wednesday) at 11:30 a.m.

GTV