FED on cement likely to be raised by Rs 100 in 2014-15 budget

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The Federal Excise Duty (FED) on cement is likely to be jacked up by Rs 100 per metric tone by federal government in upcoming budget for the financial year 2014-15.

A senior officer of Federal Board of Revenue (FBR) told a private TV channel that the then government had curtailed the FED on cement from Rs 750 to Rs 500 in the fiscal 2011-12 and from Rs 500 to Rs 400 per metric tone in the financial year 2012-13.

The government had promised with cement manufacturers that FED will be gradually slashed and phased out within three years. However, FBR sources said FED was likely to be increased by Rs 100 per metric tone to bring it back to the level of Rs 500 per metric tone again in the budget for the year 2014-15 in the wake of shortfall registered   in collection of tax revenue. However no final decision has been taken on this count so far.