Finance Bill introduces five percent sales tax on goods of eighth schedule

KARACHI: In budget 2014/2015, it introduced reduce rate of sales tax of five percent on goods under eighth schedule with prescribed conditions and limitations.
The description of such goods is as under:
Soya bean meal under PCT heading 304.0000;
Oil cake and other solid residue, whether or not ground or in pellets under PCT heading 2306.1000;
Directly reduced iron under PCT heading 72.03;
Imported oil seeds meant for sowing subject to certification;
Import of raw cotton and ginned cotton;
Plant & machinery not manufactured locally, having no compatible local substitutes subject to specified conditions;
Machinery and equipment for development of grain handling and storage facilities;
Cool chain machinery and equipment;
Various items imported by Call Centers, Business Processing Outsourcing facilities duly approved by telecommunication authority;
Machinery, equipment, materials for mineral exploration phase;
Complete plants for relocated industries;
Machinery, equipment for oil refining etc; and
Proprietary formwork system for building/structures of a height of 100 ft and above and its various items/ components.

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