Pakistan, June 1 -- The Punjab government is likely to present a tax-free budget for the upcoming fiscal year, according to sources in the provincial finance department, with a focus on sustaining subsidies, development spending and public welfare initiatives.

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Sources said tax revenue for the next financial year is expected to be set at around Rs712 billion. The largest contribution is projected to come from the General Sales Tax (GST) on services, which is expected to generate approximately Rs320 billion.

Revenue from excise duty is estimated at Rs128 billion, while stamp duty and registration fees are likely to contribute around Rs90 billion. Authorities are also expe...