Banks

The banking sector is the third largest revenue contributor. The sector generated Rs. 15.94 billion during the FY 2023-24 despite the challenging economic conditions and consequence of the State Bank of Pakistan directives regarding the non-issuance of Letters of Credit under the Import Substitution Policy issued by the Ministry of Finance, Government of Pakistan. It exhibited a growth of 40.81% year-on-year in comparison to Rs. 11.32 billion collected in the previous year. The services provided or rendered by banking companies are chargeable to the SST under tariff heading 98.13 and relevant sub-tariff headings at a standard rate of 15%. Markup or interest charged by banks is excluded from the levy of SST.