May 24, 2013
Pakistan Sugar Mills Association (PSMA) Punjab Chairman Riaz Qadeer Butt has expressed concern over levy of 17 percent GST on sugar. While talking to newsmen here on Thursday he said it would have serious repercussions. He said Pakistan sugar industry is confronting glut-like situation as a result of which mills are suffering heavy losses.
He said that because of depressed prices in local and international markets, sugar mills were unable to recover the cost of sugar-production. PSMA Punjab Zone Chairman said the increase in GST cannot be passed on to the consumers. Consequently, financial viability of the Pakistan sugar industry would be eroded as a result of which outstanding payments of sugarcane growers are bound to be grossly jeopardised which will be detrimental to the poor farmers. Riaz Qadeer Butt appealed to the government that current rate of taxation on sugar should not be changed at this stage. Business Recorder