Companies Have to Pay 417 Billion Rupees
Several different companies will have to return a total amount of 417 billion back t the Government. Woah, that is a lot of money!
Gas Infrastructure Development Cess (GIDC) was a formulation of the Pakistan People’s Party back in 2011. The basic job of this program was to collect money. The money was collected from the people of Pakistan and was given to different organizations in Pakistan. These organizations are working in Agriculture and Gas Department in Pakistan. GIDC was told to be unconstitutional as soon as PML-N came into power. It was then only, when different companies came forward and told that it was kind of unfair to them. The money was allotted to them by the government so that they can invest the money in projects like TAPI and Iran-Pakistan Gas Pipeline.
Nevertheless, none of that actually happened. And the whole amount that was taken by the government went into the company’s own budget. Now, when PTI came into power, they again worked on the case and at last, on Thursday 13th August 2020, they won the case. Now companies will have to return money back to the government. This can be quite harsh on many different companies, keeping in view the current economic situations of the country, which has worsened mostly due to COVID-19.
PTI government did try to waive off half of the amount. but due to harsh criticism, took that favor back. Now, Engro Fertilizers, Fauji Fertilizers, Fatima Fertilizers, and many other companies will have to pay a collective amount of 471 billion rupees.
Is this the right decision? That is another point. But did PTI try to help them out? Yes, they did. It might be a hard time for all the companies, involved. Yet, it is a happy moment for the government. They have a good amount for development in Pakistan. Only, if they want to invest in Pakistan.
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