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Tag Archives: Gas Infrastructure Development Cess (GIDC)

New gas pricing mechanism: Sindh up to move apex court against Centre

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah while presiding over a high level meeting directed the officials concerned to challenge the federal government’s decision regarding introduction of new pricing mechanism for natural gas in the Supreme Court. It is to be noted that the Economic Coordination Committee (ECC) of the federal cabinet had approved a pricing mechanism for gas ... Read More »

ECC imposes 5% GST on LNG, approves amendment in OGRA ordinance 2002 to monitor oil & CNG prices

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has decided to impose 5 per cent GST on LNG import to bring Rs450b CNG industry out of crisis. Federal Minister for Finance Senator Muhammad Ishaq Dar chaired the meeting of the ECC here at the Prime Minister’s Office and considered the proposal for exempting LNG import from Gas Infrastructure Development ... Read More »

ECC decides to impose 5pc GST on LNG import to help Rs450b CNG sector

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has decided to impose 5 per cent GST on LNG import to bring Rs450b CNG industry out of crisis. Federal Minister for Finance Senator Muhammad Ishaq Dar chaired the meeting of the ECC here at the Prime Minister’s Office and considered the proposal for exempting LNG import from Gas Infrastructure Development ... Read More »

Suspension of GIDC collection: Ordinance to nullify SC verdict

ISLAMABAD: Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has said that the government is going to promulgate an ordinance to nullify the Apex Court’s verdict which suspended collection of Gas Infrastructure Development Cess (GIDC) worth Rs145 billion in the current fiscal year. He said that the government had appealed against the Supreme Court decision and it would go ... Read More »

PTA for govt steps to save declining leather goods exports

KARACHI: The Pakistan Tanners Association (PTA) has warned against the declining leather exports, expressing the apprehension that the situation warrants remedial measures lest Pakistan will lose leather goods market to Indian competitors. According to PTA’s Standing Committee on Gas and Infrastructure Chairman Usman Umer, the incumbent government, instead of offering incentives to the ailing industry, unnecessarily overburdening it by levying ... Read More »

Govt eyes Rs314b from fuel taxes in budget

ISLAMABAD: The government, in the new budget for fiscal year 2014-15, has projected Rs314 billion revenue from different fuel taxes including Gas Infrastructure Development Cess (GIDC), Natural Gas Development Surcharge (NGDS) and Petroleum Levy (PL). As per the budget document, Rs145 billion is estimated to be generated on account of GIDC in 2014-15 against revised estimates of Rs88 billion in ... Read More »