The federal government on Tuesday increased the price of petrol by Rs4.07 per litre and that of high-speed diesel (HSD) by Rs4.04 per litre for the next fortnight.
According to the press release issued by the Finance Division, the petrol price now stands at Rs268.68 and HSD’s at Rs276.81.
It added that it decided on these new rates “following a review of prevailing international market trends” and upon the recommendations from the Oil and Gas Regulatory Authority (Ogra) and the relevant ministries.
The government currently imposes no GST on petroleum products, but charges significant levies. These include Rs79.50 per litre on diesel and Rs80.52 per litre on petrol and high-octane products, which also cover Rs2.50 per litre under the CSL.
In addition, customs duties of around Rs16-17 per litre apply to both petrol and diesel, regardless of whether the products are imported or locally produced.
Meanwhile, the Oil and Gas Regulatory Authority (OGRA) has announced a reduction in liquefied petroleum gas (LPG) prices for the month of October.
According to the notification, the price of a domestic LPG cylinder has been cut by Rs79.14, bringing the cost down from Rs2,527 to Rs2,448.
OGRA stated that the per-kilogram LPG price has been reduced by Rs6.71, dropping from Rs214.19 to Rs207.48 per kg.
Meanwhile, the Federal Board of Revenue on Tuesday night extended the date for submission of Income Tax Returns till October 15, the FBR stated.
The government taking a major step for the people has extended the deadline for the submission of the Income Tax Returns for a more 15 days.
The FBR has issued a notification in the regard as well stating the Income Tax Returns can be submitted till October 15.
The FBR sources apprised that as many as 400000 or 0.4 million people have submitted the Income Tax Returns.
The tax payers can swiftly file their Income Tax Return through a simple Income Tax Return form available on the FBR website.
The FBR has announced September 30 as the last date for the filing of the Income Tax Returns.
It is pertinent to mention here that the Business community has been demanding the extension in the deadline of the filing of the Income Tax Returns.
Earlier, The Federal Board of Revenue (FBR) has completed preparations for an audit of 100,000, Income Tax Returns from October 1.
The FBR sources said that the FBR would conduct the audit of the Income Tax Returns belonging to the business community with profoundness.
Those who hiding their wealth would be dealt with strictness, the sources added.
The sources apprised that the business community can get into trouble for false, misleading information in returns.
The business community members paying less taxes would undergo tougher audits, the sources adds.
The FBR sources said that the auditors would conduct audit of the Income Tax Returns of those tax payers paying less taxes then previous year.
The Federal Board of Revenue (FBR) removed the ‘estimated market value column’ from income tax return form 2025 on the directions of the Prime Minister of Pakistan for the facilitation of taxpayers.