ISLAMABAD – The federal government is all set to present its first budget for the fiscal year 2024-25, with an estimated outlay of over Rs18 trillion, tomorrow on June 12.

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, would present the budget in the National Assembly.

Reports suggest that the government is likely to increase the sales tax rate in the budget. If approved, it would increase the prices of various essential items sugar, ghee, tea, soaps, shampoos, makeup, noodles, Jam, Jelly and other things.

Currently, the sales tax rates stands at 18 percent and government aims at increasing it by 1pc to 19pc. The move would increase the sugar price by Rs5 per kilogramme.

By increasing the sales tax, the government would collect additional billions of rupees from consumers. It would help the cash-strapped country to reach an agreement with the International Monetary Fund (IMF) for another bailout package.

Expected Prices of Shampoos and Soaps from July 2024

The Budget 2024-25 will come into effect from July 1, 2024. If the one percent increase in sales tax is approved, the soap prices will go up by Rs2 to Rs5 per piece.

Similarly, the price of shampoos would increase by Rs15 to Rs20 per bottle from July 2024 after the budget.