Budget 2024-25: GST on Textile and Leather Products Raised from 15% to 18%

In the latest budget announcement for the fiscal year 2024-25, the Government of Pakistan has decided to increase the General Sales Tax (GST) on textile and leather products sold by Tier-1 retailers from 15% to 18%. This change, presented by Finance Minister Muhammad Aurangzeb in his budget speech today, is primarily aimed at luxury goods in these sectors. During his address, Finance Minister Aurangzeb explained that this tax increase specifically targets high-end textile and leather items. He assured that the increased GST will primarily affect luxury products, ensuring that the impact on the average consumer remains minimal. “This measure is designed to adjust the prices of luxury textile and leather goods. It will not burden the common man but rather ensure that those who can afford high-end products contribute more,” Aurangzeb stated. For live updates on everything about the Federal Budget, visit this link.