Edible oil, potato, rice, wheat, lentils, spices may cost less

The proposals in the new budget will reset prices for some products and services. Edible oils from soybean, sunflower seed and regular electric bulbs (Filament lamp) will be cheaper when the proposed 2014-2015 budget is implemented. Finance Minister Abul Maal Abdul Muhith wants VAT imposed on 40 basic raw materials used for making cooking oil, electric bulb and some other materials of day to day necessities to be cut down by 10 to 25 per cent and 5pc rebate be placed instead. Ten per cent rebate for edible oil instead of 15 pc tax may also be extended until June, 2015. Muhith thinks one should pay less for everyday groceries, pantry items and spices, and so he proposed cutting down tax at source against their LCs. It means potato, onion, garlic, ginger, chickpeas, lentils, turmeric and rice, wheat, corn, four, salt and sugar may end up costing less. The tax rate charged on the commissions for these items has also been brought down from 5 to 3 pc, according to a news agency.