ECC Exempts GST on Ethanol component of Ethanol-10 Fuel

The Economic Coordination Committee (ECC) of the Cabinet here on Tuesday exempted General Sales Tax (GST) on the Ethanol component of Ethanol-10 blended fuel in the country. The model petroleum concession agreement submitted by Ministry of Petroleum and Natural Resources, was also approved by ECC. Regarding revision of sugar prices the ECC agreed that the prices of sugar will remain unchanged till the next meeting of the ECC. While discussing the policy guidelines in respect of provision of funds for development projects by federal and provincial governments, the ECC further decided that in order to build consensus on this issue a meeting of Chief Ministers of all the provinces should be held. The ECC also reviewed the report presented by Ministry of Industries and Production about cancellation of tenders for import of sugar by TCP. While reviewing key economic indicators, the ECC expressed satisfaction that the stock of wheat as on July 8, 2009 stood at 9.820 million tones as against 3.784 million tones in the same period last year, showing a higher stock of 6.036 million tones. Improvement of 18.52% was noticed in trade deficit in July- June 2008-09 as compared to the same period last year. (July 15, 2009)