Islamabad:
(13-01-2012) The committee constituted by the
Cabinet and chaired by Senior Federal Minister for Industries and Defence
Production Chaudhry Parvez Elahi decided to reduce the GST on tractor industry
from 16% to 5% so that the prices of tractors may be brought within the
purchasing range of small land holders.
The meeting was attended by Mian
Manzoor Ahmad Wattoo, Minister for Kashmir Affairs and Gilgit Baltistan, Syed
Khursheed Shah Minister for Religious Affairs, Aziz Ahmad Bilour Secretary
Industries, Salman Siddique Chairman FBR, representatives of Zarai Taraqiati
Bank Limited (ZTBL), tractor and Pakistan Association of Automotive Parts and
Accessories Manufacturers.
Address the meeting, Chaudhry Parvez
Elahi said that reduction in the rate of GST on tractors is a win-win situation
for all the stake-holders and will help the low-income farmers to follow modern
ways of farming. He was of the view that mechanization of agriculture is the
need of the hour and low-priced farm machinery will attract more and more
farmers to upgrade their old and inefficient farming techniques. It must be
noted here that the representatives of tractor and its vendor industry met Ch. Parvez
Elahi in Lahore yesterday to intervene in the matter and the minister promised
to resolve their issues to their satisfaction.
Senior Minister also directed the
representatives of ZTBL to resume bank leasing of the tractors on easy
installments to farmers to which they agreed. The meeting was informed that
suspension of bank leasing on tractors was also one of the reasons of drop in
sales of tractors. Chaudhry Parvez Elahi said that this decrease in GST will
cut the prices of tractors by 60,000 to 90,000 which will boost the sales of
tractors and revenues of the Government. He said that the economy of Pakistan
banks heavily on the agricultural produce of the country therefore every step
will taken to modernize and mechanize agriculture in the country.
Federal minister Mian Manzoor
Ahmad Wattoo said that the Government was very much concerned about the loss in
the sales of tractors and today’s decision suggests that betterment of
agriculture is the top priority of the Government. Syed Khursheed Ahmad Shah
said self-sufficiency in agricultural produce is our aim and this reduction in
GST on tractors is a step in the right direction.
The representatives of the
tractor industry thanked the Senior Minister to take personal interest in
resolving their issues and saving the jobs of more than 20,000 workers of
tractor industry who were rendered jobless during the previous few months.
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