Biseworld.com is here with the New Federal Budget 2023-24 of Pakistan discussed mostly on every platform at fbr.gov.pk. The Finance Department of All provinces including Punjab, Sindh, Balochistan, Khyber Pakhtunkhwa, and AJK (Azad Jammu Kashmir) will also announce the Pakistan Budget 2023-24 from some days distance in the month of starting dates June. The Government Employees Salary Increase and Pay Scale-Revised in Budget 2023-24 Pakistan are chances to increase 10 to 20 % BPS (Basic Pay Scale) 01 to 22 & Pension of this year budget Punjab signaled by Ministry of Finance Department.
Federal Budget 2023-24 provides the detail of all incoming revenue and outgoing expenditure at the end of every financial year, The financial budget is presented Finance Minister after discussion with ministries in the financial budget, analyze and collect all revenue detail and make plane about the utilization of the resources which gives better benefits instead of the previous year. If the resources are below the expenditure the government decides how to manage the resources to meet the expenditure like foreign loans from different countries.
Finance Minister Asad Umar developed the Federal Budget 2023-24 and discussed deciding on salary increases and allocating how much budget utilized in the Pakistan steel mill, PIA, and all other departments according to their need and according to their sources and current economic situation challenges.
The finance budget describes the criteria of how much percentage increases the pension of the retired employee and discusses in the finance budget about the tax matter because the now day’s people develop our businesses in an illegal way and the government decides how to find out those people who have hidden businesses.
To find them govt decided to increase in withholding tax on every banking transaction, and all the payments must be made through the banking channel which is more than Rs 50000. Also, discuss in the budget about the transportation business which is in boom it decides that the percentage of withholding increases from the previous year to collect much revenue.
Govt. Employees Salary Increase in Federal Budget 2023-24
In the budget, much focus on industry which gives much revenue to the government and also increases the GDP percentage and raises taxes, and in the budget for electricity which is the key to Pakistan’s economy and industry growth For this purpose decide the link with other countries to make help to reduce the electricity crises and allocate budget,
Also, keep in view the government decided to attract foreign investor to start a business in Pakistan which gives employment opportunities increase the living standard of the people, and increase GDP. And discusses the agriculture sector which is going to decrease For this purpose govt decides to give many benefits to the farmer by the increase in the sale price of the product and providing a subsidiary in the fertilizer product and decreasing the rate of import on agricultural machinery.
The education sector and services sector are important current budget has provided 75 million in the Budget 2023, to the education sector which is much than the previous year and the Federal Government decided that the budget for the education sector must be increased to the previous two-year budget because education sector is the sector to much important for Pakistan economy growth and all other sectors.
After the implementation of the Federal Budget 2023-24, the different political members struck against the budget and said much of the budget contributed to the Punjab government and to the Ministry of Defense. For this purpose, Asad Umar gives brief summary to the media and opposition party regarding the allocation of the budget.
After the strike CM. Imran Khan decided that we decrease the budget of the government department, and the target for this year is much more than the previous year. The performance of the budget current year is monitored by the Finance Department under the Federal Government which also consults with the various government sectors of the State Bank of Pakistan to achieve the objective of Bu Finance Division Notification and Ministry of Finance Notification and of the federal budget will be updated in pdf format on the official finance department website at www.finance.gov.pk.
The Punjab Government and Federal Finance Division Salary Notification are expected in the annual Budget 2023-2024 Pakistan. The budget of Pakistan has all departments like education, Pakistan army & defense, health, rescue 1122, motorway, WAPDA, district Govt. and petroleum to be announced for the facial year 2023 to 2024. The education budget of Pakistan is most important to be increased for this year’s Budget 2023-2024.