Budget 2024-25: Which items are likely to become more expensive?  

ISLAMABAD: The federal budget for the upcoming fiscal year 2024-2025, amounting to Rs18,900 billion, is set to be presented in the National Assembly today.

The new budget includes significant changes, with many sectors expected to lose tax exemptions. The introduction of numerous additional taxes is likely to lead to price hikes across hundreds of items.

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The budget proposes additional taxes worth Rs2,000 billion. Imported items such as old cars, mobile phones, food items, chocolates, milk, yogurt, clothes, soap, shampoo, hair color, makeup, perfumes, and lotions are anticipated to become more expensive.

The Federal Board of Revenue (FBR) is expected to set an overall tax target of Rs12,970 billion. The General Sales Tax (GST) rate is proposed to be increased from 18% to 19%, which is expected to generate an additional Rs100 billion in revenue for the government. There is also a proposal to impose a 6% GST on petroleum products, which is estimated to yield Rs180 billion.