Budget 2021 of Rs 8,000 billion for the new financial has Passed from NA
Federal budget of Rs 8,000 billion for the new financial has Passed from NAISLAMABAD: The government will today present a budget of about Rs 8,000 billion in Parliament for the new financial year in which salaries are likely to be increased by up to 25 per cent.
According to details, the federal government is presenting a budget of about Rs 8,000 billion for the new financial year 2020-21 in Parliament. Which will be approved in today’s meeting and a final decision will be taken to increase the salaries and pensions of government employees. The salaries are expected to be increased by a total of 25%, of which the basic salary will be increased by 10 to 15% and the rest will be given as ad hoc relief.
According to Finance Ministry sources, the federal budget is more than Rs 8,000 billion, of which Rs 3,105 billion is for interest payments, Rs 1,330 billion for defense and Rs 5,829 billion for FBR tax collections. Exports are targeted at 26 26.8 billion, while imports are targeted at 55 55.3 billion. According to sources, the current account deficit target is 2. 2.3 billion, the immigration target is 31 31.30 billion, the grant is Rs 994 billion, the subsidy is Rs 501 billion, the GDP target is 4.8 percent, the inflation target is proposed. It is proposed to keep the growth rate at 8%, 6.8% in the industrial sector and 6.2% in the manufacturing sector.
Similarly, the overall investment target is 16%, the national savings target is 15.3%, the agricultural growth target is 3.5%, the industrial sector is 6.5% and the services sector is 4.8%. The development budget will be Rs 2100 billion, the volume of PSDP will be Rs 900 billion, out of which Rs 244 billion will be transport and communication, Rs 118 billion energy, Rs 91 billion water resources, Rs 113 billion social sector, Rs 100 billion Rs. 31 billion for regional equality, science and technology and IT sector.
It is planned to spend Rs 68 billion on SDGs and Rs 17 billion on manufacturing. Funds of Rs. 5 billion have been allocated for integrated areas. Rs 42 billion is being set aside in the social sectors for the Higher Education Commission. In the next budget, tax revenue could be Rs 5829 billion and non-tax revenue Rs 1420 billion. General discounts for the construction sector are likely to be extended. Following IMF approval, the construction amnesty scheme could be extended to September or December 2021. The term of this ordinance may be extended to 3 or 6 months. 350 projects worth Rs. 140 billion were registered under the construction sector scheme and the last date of this scheme is June 2021.
The target for net tax collection in the federal budget for the next financial year 2021-22 has been set at Rs. 5829 billion with 24% growth. The scheme aims to collect direct tax (income tax) of Rs 2182 billion and of indirect taxes, sales tax of Rs 2506 billion, federal excise duty of Rs 356 billion and customs duty of Rs 785 billion.