Budget 2023-24: Find out how much govt employee salaries increased ?
The total size of the budget is 14 thousand 460 billion rupees. Non-tax revenue has been fixed at 2963 billion in the budget. 5276 billion rupees will be given to the provinces in the budget. The defense budget will be 1804 billion rupees. 7303 billion rupees will be spent on interest and debt repayment.
Key points regarding the budget 2023 – 2024.
- Increase in salaries and pensions of government employees
- Additional tax levied on non-filer’s bank withdrawals
- Unparalleled Program: Rs.9 thousand per quarter to 9.3 lakh families
- Final tax on purchase of immovable property of overseas Pakistanis has been abolished
- 10 billion rupees allocated for distribution of laptops among deserving students and youth
- 10 billion rupees for loan to youth under youth program
- Income tax exemption to increase IT exports will continue till June 30, 2026
- 17 billion 50 crore rupees for clean water, camphor project in Karachi
- budget 2023-24 Pakistan pension increase
- budget 2023 24 Pakistan salary increase
- budget 2023 24 Pakistan salary tax
- Pakistan imposes 0.6% tax on bank .
Agriculture: The limit of agricultural loans is being increased from 1800 billion to 2250 billion. All taxes and duties on import of quality seeds are being abolished. 30 billion rupees have been allocated to transfer 50 thousand agricultural tubewells to solar
Empowered Women/Sports
5 billion rupees have been allocated for the promotion of sports in schools and colleges.
IT exports
There will be a concessional rate of 0.25% on income tax to increase IT exports, income tax concession to increase IT exports will continue till June 30, 2026, the IT sector is being given the status of SME. A venture capital fund worth 5 billion rupees will be established for the IT sector. The rate of sales tax on IT services is being reduced from 15 to 5 percent in Islamabad, professional training will be given to 50 thousand IT graduates.
Youth Program
Under the Prime Minister Youth Program, loans will be provided to the youth on easy terms. Under the Prime Minister Youth Program, 10 billion rupees have been earmarked for loans to the youth.
Education
65 billion rupees are being kept for Higher Education Commission, 70 billion rupees are proposed for the development expenses of HEC, 5 billion rupees are being kept in the budget for Pakistan Endowment Fund, Pakistan Endowment Fund will provide merit scholarships to students. 10 billion rupees have been allocated for the distribution of laptops among deserving students and youth. 5 billion rupees have been allocated for the promotion of sports in schools and colleges.
Increase in salaries and pensions of government employees
There will be a 35% increase in the salaries of Grade I to 16 government employees. There will be a 30% increase in the salaries of government employees from grade 17 to 22. The pension is being increased by 17 and a half percent. The minimum pension of government employees is Rs 12,000 per month. The minimum wage in Islamabad is 30 thousand rupees. Government servants will be given daily allowance for travel and stay outside the station. The pension of EOBI is being increased from Rs 8,500 to Rs 10,000.
Overseas
Remittances are equal to 90% of exports, final tax on real estate purchases of overseas Pakistanis has been abolished. Overseas Pakistanis will not be charged 2% tax on real estate purchases. Overseas Pakistanis will have fast track immigration facility at airports. Remittance senders will be given the status of remittance card holders. Remittance cardholders will have a grand prize scheme through a draw.
Read more: https://examtonight.com/istehkam-e-pakistan-party/
Solar Panel
It has been decided to abolish the customs duty on the raw materials for manufacturing solar panels. It has been decided to abolish the customs duty on raw materials for the manufacture of solar panel batteries. Duty on import of solar panel machinery is being abolished. The duty is also being abolished on the raw material of solar panel inverter.
Construction
50 lakhs or 10% on the tax rate on the business income of the construction enterprise. 10% tax credit or 10 lakh discount for 3 years for personal construction. The construction concession will be applicable for projects starting after July 1.
Tax on non-filers
For non-filers, additional tax will be levied on bank withdrawals. If a non-filer withdraws Rs 50,000 from the bank, 0.6% tax will be levied. The income of foreign nationals working in wealthy households will be taxed. For non-filers, 10% tax will be levied on overseas purchases through debit, credit cards.
Key Questions and answers related to ppsc, fpsc, css, pms, and other competitive exams regarding the budget 2023 – 2024.
When did Pakistan present its annual budget for the fiscal year 2023-2024?
Friday 9 June 2023
Who did Pakistan present Pakistan’s annual budget for the fiscal year 2023-2024?
Ishaq Dar finance minister
What is the budget for Pakistan 2023-24?
14 trillion rupees (approximately $50.4 billion)
What is the total education budget for Pakistan 2023-24?
Rs. 97.098 billion for Education Affairs and Services.
What is the total health budget for Pakistan 2023-24?
Rs24. 21 billion for the healthcare sector
What is the total defense budget for Pakistan 2023-24?
Rs1.804 trillion
What is the total development budget for Pakistan 2023-24?
Rs1,150 billion
What is the total BISP budget for Pakistan 2023-24?
Rs 400 billion
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