ISLAMABAD: Federal Board of Revenue (FBR) has planned to introduce comprehensive mechanism for the General Sales Tax (GST) recovery from the oil marketing companies (OMCs).
Official sources told Customs Today that Economic Coordination Committee (ECC), earlier approved the de-regulation of margin on petrol of the oil marketing companies and dealers.
However, the ECC on May 30, 2018 also sanctioned the summary sent by Ministry for Power and approved the de-regulation of margin on petrol of Oil Marketing Companies and dealers. While earlier the ECC in a meeting held on October 6, 2017 has also approved the de-regulation of High Speed Diesel, sources added.
Sources said that however, the board cannot implement the decision of ECC made on October 6, 2017 regarding approval of de-regulation of margin on High Speed Diesel of Oil Marketing Companies and dealers due to the non-availability of mechanism.
Moreover, upon the approval of de-regulation of margin on petrol the board is not planning to introduce the comprehensive mechanism for the General Sales Tax (GST) recovery from the Oil Marketing Companies (OMCs) and dealers.
