AABS 717.80 4.81 AATM 46.04 0.04 ABL 171.13 0.62 ABOT 944.39 10.37 ACIETF 16.11 0.02 ACPL 233.00 -1.50 ADAMS 67.20 1.14 ADMM 51.31 -1.19 ADOS 29.00 0.00 AEL 33.68 1.68 AGHA 6.63 0.02 AGIC 39.80 -0.54 AGICR2 5.92 0.27 AGIL 138.86 -3.93 AGL 46.99 0.29 AGP 168.38 5.68 AGSML 9.61 -0.27 AGTL 378.98 4.08 AHCL 15.02 -0.16 AHL 111.07 -0.68 AHTM 84.46 -2.53 AICL 94.32 -0.13 AIRLINK 118.54 -0.36 AKBL 106.87 1.28 AKDHL 144.34 -3.66 AKDSL 32.05 -0.16 AKGL 57.59 -12.45 ALAC 22.99 -0.31 ALIFE 29.81 -0.68 ALNRS 115.71 -0.01 ALTN 6.83 0.24 AMBLR4 19.50 -0.25 AMTEX 4.04 -0.03 ANL 8.60 -0.18 ANSS 21.12 -0.87 ANTM 68.27 3.17 APL 534.84 4.53 ARCTM 68.38 0.88 ARM 27.90 0.00 ARMG 46.00 1.00 ARPAK 125.66 3.66 ARPL 380.00 -2.00 ARUJ 9.23 -0.36 ASC 7.95 -0.20 ASCR2 0.02 -0.05 ASHT 39.42 0.41 ASIC 36.21 -0.79 ASL 15.09 -0.21 ASTL 17.79 -0.31 ASTM 64.57 -2.32 ATBA 175.82 15.81 ATIL 74.01 -0.98 ATLH 1,570.83 -4.22 ATRL 1,219.10 4.10 AVN 27.24 -0.01 AWTX 1,601.11 151.11 AWWAL 10.00 0.00 BAFL 55.65 -0.12 BAFS 430.21 -10.79 BAHL 151.48 -0.01 BAPL 37.34 -2.01 BATA 851.24 -13.65 BBFL 35.94 -0.04 BCL 77.33 0.00 BCML 42.60 1.39 BECO 4.29 0.05 BELA 60.88 -7.12 BERG 112.68 0.64 BFAGRO 28.00 -0.50 BFBIO 128.65 -1.85 BFMOD 21.90 -0.09 BGL 9.16 -0.14 BHAT 801.86 11.84 BIFO 106.09 -0.41 BILF 38.39 -1.11 BIPL 24.41 0.25 BIPLS 38.63 -0.36 BML 60.16 -2.34 BNL 5.14 -0.03 BNWM 66.19 6.02 BOK 27.29 -0.36 BOP 28.78 -0.14 BPL 46.04 -0.06 BRRG 39.79 -1.11 BTL 817.98 12.97 BUXL 336.47 -3.45 BWCL 447.15 4.02 BWHL 223.50 -1.51 CASH 50.30 0.30 CCM 41.00 0.00 CENI 32.57 -2.59 CEPB 25.52 -0.88 CFL 68.95 1.96 CHAS 83.92 2.37 CHBL 9.08 -0.42 CHCC 271.23 2.23 CLCPS 3.29 -0.02 CLOUD 62.85 0.00 CLOV 5.79 -0.07 CLVL 23.72 -0.95 CLVLR 0.08 -0.22 CNERGY 12.85 0.10 COLG 1,115.69 -7.29 CPHL 61.66 -0.38 CPPL 94.01 0.71 CRTM 58.20 1.30 CSAP 89.35 1.10 CSIL 5.46 -0.14 CSILR3 1.88 0.27 CTM 6.54 -0.20 CWSM 51.18 0.19 CYAN 41.91 -1.06 DAAG 114.32 -5.68 DADX 182.68 -10.32 DATM 2.35 -0.20 DAWH 275.28 15.28 DBCI 10.02 -0.65 DCL 9.08 0.02 DCR 39.81 -0.14 DEL 17.06 -0.48 DFML 15.91 -0.09 DFSM 14.61 -0.18 DGKC 182.00 -0.06 DHPL 26.55 -0.42 DIIL 70.13 -0.22 DINT 60.07 2.08 DLL 43.13 0.13 DMC 162.13 -16.21 DMTM 8.56 0.04 DMTX 34.96 0.46 DNCC 19.27 1.27 DOL 29.98 0.52 DSIL 22.22 2.02 DSL 4.40 -0.04 DSML 51.25 1.24 DWAE 21.40 -0.59 DWSM 8.07 -0.33 DWTM 10.21 0.72 DYNO 335.49 3.49 ECOP 43.77 -0.47 EFERT 194.82 2.82 EFGH 75.72 -4.68 EFUG 120.72 0.71 EFUL 112.00 0.01 ELCM 235.16 -2.74 ELSM 190.95 0.00 EMCO 36.00 -0.85 ENGRO 485.38 3.39 ENGROH 260.65 -0.35 EPCL 31.77 -0.43 EPQL 23.57 0.05 ESBL 11.44 0.70 EWIC 58.14 0.00 EXIDE 424.51 39.51 FABL 91.49 0.29 FANM 10.04 0.04 FASM 288.72 -35.13 FATIMA 138.57 -1.41 FCCL 51.77 -0.18 FCEL 4.69 -0.22 FCEPL 133.39 -0.05 FCIBL 65.02 0.00 FCL 24.71 -0.20 FCSC 5.16 -0.03 FDIBL 2.92 -0.17 FDPL 4.72 0.02 FECM 18.59 0.09 FECTC 91.86 -0.34 FEM 11.98 0.32 FEROZ 335.22 5.22 FFBL 88.94 8.43 FFC 537.87 -0.24 FFL 14.03 -0.07 FFLM 12.81 -0.57 FHAM 27.68 0.08 FIBLM 15.14 -0.20 FIL 510.87 5.88 FIMM 232.37 -0.63 FLYNG 32.67 -0.57 FMLR 44.76 -1.13 FNEL 1.12 0.00 FPJM 20.05 -0.55 FPRM 12.93 -0.27 FPRMR2 1.06 -0.09 FRCL 86.31 -4.57 FRSM 40.57 -0.02 FSWL 191.50 0.00 FTMM 18.79 -0.31 FTSM 34.65 -3.65 FUDLM 8.00 0.55 FZCM 298.07 4.07 GADT 288.13 2.13 GAL 484.93 0.93 GAMON 18.32 0.07 GATI 82.23 -0.77 GATIR 15.04 0.04 GATM 19.98 -0.28 GCIL 32.74 -0.06 GCILB 9.30 -0.22 GCWL 13.31 -0.47 GCWLR 9.01 0.00 GDL 18.53 -0.17 GEMBCEM 11.80 0.00 GEMBLUEX 5.94 -0.07 GEMMEL 37.25 1.24 GEMNETS 22.24 -0.36 GEMPACRA 43.33 4.33 GEMPAPL 9.99 0.00 GEMSPNL 85.95 8.05 GEMUNSL 20.00 0.00 GFIL 26.00 -1.41 GGGL 7.61 -0.29 GGL 19.70 -0.40 GHGL 39.22 0.13 GHGL 40.11 -0.89 GHNI 1,029.07 -10.91 GHNL 33.90 -0.30 GIL 2,649.30 240.85 GLAXO 312.45 1.45 GLPL 700.00 0.00 GOC 233.12 -6.61 GRR 16.99 0.01 GRYL 29.14 4.25 GSKCH 120.23 -3.98 GSPM 7.70 0.09 GTECH 8.58 -0.22 GTYR 26.49 -3.50 GUSM 8.14 -0.21 GVGL 50.23 -2.72 GWLC 45.72 0.82 HABSM 79.00 -0.55 HACC 18.65 1.30 HAFL 442.98 16.96 HALEON 684.36 6.36 HASCOL 17.60 -0.19 HBL 290.42 1.42 HBLTETF 106.90 0.00 HCAR 201.80 1.80 HCL 959.26 9.26 HGFA 13.47 -0.03 HICL 7.91 0.01 HIFA 4.78 0.26 HINO 308.28 5.18 HINOON 931.97 16.34 HIRAT 5.69 -0.21 HLEL 25.14 -2.26 HMB 95.89 -0.27 HMM 5.80 0.01 HPL 4,035.00 -40.00 HRPL 19.54 -0.06 HSPI 8.81 0.82 HTL 36.13 0.02 HUBC 193.43 0.93 HUMNL 9.29 -0.05 HUSI 49.30 3.30 HWQS 18.61 0.59 IBFL 249.70 -5.30 IBLHL 41.37 0.22 ICCI 15.48 -0.49 ICI 591.53 -3.37 ICIBL 15.65 -0.80 ICL 130.00 0.00 IDEAL 56.60 -4.40 IDRT 33.96 -1.01 IDSM 60.72 3.52 IDYM 134.84 -1.51 IGIHL 251.50 1.11 IGIL 19.00 0.77 ILP 94.03 -0.97 IMAGE 23.91 -0.09 IML 24.94 1.08 IMS 17.11 -0.33 INDU 1,798.23 4.35 INIL 156.01 -0.49 INKL 99.80 0.91 INL 20.80 -0.35 IPAK 31.72 -0.27 IREIT 7.73 0.01 ISIL 1,805.79 -21.21 ISL 79.06 0.56 ITANZ 28.45 -0.15 ITTEFAQ 8.20 0.09 JATM 55.42 -9.58 JDMT 113.49 -1.26 JDWS 871.09 1.11 JGICL 77.00 0.00 JKSM 415.50 19.45 JLICL 101.85 0.74 JOPP 160.06 -11.94 JSBL 12.13 -0.22 JSBLR1 0.01 0.00 JSCL 23.32 1.52 JSGBETF 38.13 -0.01 JSGCL 136.91 0.41 JSIL 33.21 -1.79 JSMFETF 10.86 0.06 JSML 48.74 -0.26 JSRR 10.55 -0.30 JUBS 40.96 -2.26 JVDC 133.29 0.33 KAPCO 26.54 0.06 KASBM 1.19 0.00 KCL 160.72 -4.26 KEL 6.09 0.17 KHSM 11.65 0.00 KHTC 260.00 0.00 KHYT 1,690.25 0.00 KML 8.74 -0.10 KOHC 83.32 -0.19 KOHE 14.63 0.11 KOHP 23.79 -0.34 KOHTM 104.16 -6.84 KOIL 38.09 -2.41 KOSM 5.38 -0.07 KPUS 1,180.36 0.38 KSBP 214.78 -3.22 KSBP 112.37 -2.61 KSBPR 3.02 0.72 KSTM 12.67 -1.03 KTML 40.51 -0.41 LCI 194.44 0.44 LEUL 69.04 1.98 LIVEN 31.90 -0.09 LMSM 63.91 0.00 LOADS 11.88 0.03 LOADSR1 0.09 -0.10 LOTCHEM 25.41 -0.55 LPGL 69.89 -0.99 LPL 18.50 -0.39 LSECL 5.44 -0.01 LSECLR 0.36 -0.39 LSEFSL 2.75 -0.22 LSEPL 4.65 -0.05 LSEVL 12.65 -0.10 LUCK 400.56 -3.94 MACFL 100.33 0.00 MACTER 245.38 -3.61 MARI 630.73 -0.95 MARI 634.37 2.39 MCB 374.53 3.45 MCBAH 24.00 0.00 MCBIM 151.00 -2.74 MDTL 7.08 0.08 MEBL 545.82 -2.63 MEHT 127.60 -1.27 MERIT 9.09 0.19 META 9.67 -0.83 MFFL 161.94 -9.77 MFFLR1 9.01 0.06 MFL 47.33 -2.18 MIIETF 15.90 0.07 MIRKS 31.32 -1.53 MIRKSR 8.67 0.12 MLCF 89.95 0.44 MODAM 5.73 -0.09 MQTM 26.14 -0.52 MRNS 60.86 0.03 MSCL 24.45 1.75 MSOT 193.14 1.13 MTL 302.90 1.90 MUGHAL 65.82 0.30 MUGHALC 64.94 0.65 MUREB 894.92 -14.98 MWMP 86.39 -1.61 MZNP-ETF 17.12 0.02 NAGC 85.97 -5.00 NATF 316.91 1.91 NATM 65.00 1.50 NBP 158.23 -1.04 NBPG-ETF 26.10 0.19 NCL 35.55 0.47 NCML 16.26 -0.09 NCPL 48.85 -0.13 NESTLE 6,991.08 -30.90 NETSOL 122.66 -0.84 NEXT 16.02 -0.48 NICL 265.70 5.55 NITG-ETF 32.38 -0.04 NML 126.26 1.76 NNAR 21.02 0.08 NONS 83.70 0.70 NPL 53.29 0.90 NRL 665.73 6.73 NRSL 33.10 -0.74 NSRM 188.80 -0.20 OBOY 15.87 -0.13 OBOYR2 0.64 -0.39 OCTOPUS 27.23 -0.01 OGDC 299.10 -2.15 OLPL 24.15 -0.45 OLPL 45.45 2.16 OLPM 25.93 -1.17 OML 77.32 3.18 ORIXM 16.29 0.29 ORM 12.21 0.06 OTSU 379.37 15.37 PABC 95.48 2.48 PACE 9.99 -0.20 PAEL 33.77 -0.03 PAKD 123.11 0.13 PAKL 51.71 -1.29 PAKMI 1.30 -0.01 PAKOXY 371.97 16.97 PAKQATAR 16.04 -0.15 PAKRI 16.83 -0.22 PAKT 1,400.00 -10.00 PASL 0.75 0.00 PASL 2.75 -0.17 PASM 9.06 -0.13 PCAL 135.96 -3.91 PECO 711.01 67.01 PGLC 15.00 -0.49 PHDL 50.40 1.60 PIAA 22.17 0.17 PIAB 828.42 57.80 PIAHCLA 22.45 -1.00 PIAHCLB 14,566.30 216.33 PIBTL 13.65 -0.05 PICT 45.06 -0.19 PIL 5.06 -0.04 PIM 79.87 2.37 PINL 9.03 -0.70 PIOC 231.93 -1.04 PKGI 24.75 -1.85 PKGIR 1.36 -0.69 PKGP 33.77 1.08 PKGS 688.11 5.11 PMI 4.70 0.19 PMPK 1,431.85 121.85 PMRS 368.47 15.46 PNSC 551.55 -6.90 POL 671.30 7.30 POML 149.42 3.42 POWER 21.76 0.76 PPL 218.87 0.99 PPP 135.37 -3.73 PPVC 17.57 -0.78 PQGTL 12.52 0.09 PREMA 32.21 -0.40 PRET 528.91 4.01 PRL 106.95 3.45 PRWM 58.20 -3.69 PSEL 990.03 -0.92 PSMC 609.00 0.00 PSO 368.04 3.94 PSX 40.52 -0.48 PSYL 216.85 8.28 PTC 53.60 -0.80 PTL 46.50 -0.40 QTECH 35.65 -0.38 QUET 14.33 -0.16 QUICE 29.72 2.69 RCML 400.22 -4.78 REDCO 28.07 0.07 REWM 171.54 14.54 RICL 11.51 -0.19 RMPL 8,453.33 -126.67 RPL 15.51 0.03 RUBY 20.10 0.01 RUPL 30.47 1.47 SAIF 42.77 -0.25 SANE 8.07 -1.13 SANSM 119.02 -4.48 SAPL 870.00 0.00 SAPT 1,530.53 5.53 SARC 73.40 -3.49 SASML 300.00 -18.00 SAZEW 1,530.41 -14.59 SBL 13.32 0.02 SCBPL 59.91 -0.19 SCL 750.07 0.07 SEARL 77.74 -0.61 SEARLR2 0.15 -0.10 SEL 24.83 0.07 SELECT 29.96 -0.73 SEPL 132.06 0.08 SERT 36.71 -2.27 SFL 1,015.41 19.41 SGF 105.78 -0.25 SGPL 23.58 0.08 SGPL 33.89 -7.52 SGPLR 9.76 -1.21 SHCM 62.28 0.57 SHDT 46.82 -0.15 SHEL 185.01 -4.09 SHEZ 272.56 -7.43 SHFA 448.65 -1.34 SHJS 159.99 -0.52 SHNI 8.55 -0.35 SHSML 351.00 -8.47 SIBL 6.47 -0.62 SIEM 1,561.81 -3.21 SILK 1.15 -0.01 SINDM 50.46 2.46 SITC 641.20 1.22 SKRS 21.14 -0.58 SLGL 14.88 -0.57 SLL 1.70 -0.44 SLM 22.02 0.03 SLYT 15.32 -0.68 SMBL 2.17 -0.03 SMCPL 39.28 -0.58 SML 92.66 -5.84 SMTM 11.90 -0.09 SNAI 35.10 -1.90 SNBL 19.18 0.16 SNGP 90.23 -0.64 SOYASUP 28.80 -0.50 SPAC1 21.51 -0.04 SPAC2 14.31 0.31 SPEL 39.80 -0.20 SPEL 48.93 0.04 SPL 49.27 -0.93 SPLC 1.70 0.07 SPSL 15.68 -0.06 SPWL 8.13 0.35 SRR 17.50 0.11 SRVI 176.91 1.81 SSGC 22.91 -0.14 SSML 17.93 -1.46 SSOM 406.13 2.16 STCL 8.82 -0.06 STJT 135.55 -12.45 STL 22.65 -0.10 STLR 12.19 -0.33 STML 44.86 1.81 STPL 7.54 -0.06 STYLERS 42.59 -1.41 STYLERSR 1.72 0.39 SUHJ 22.20 0.00 SURC 130.62 -1.36 SUTM 111.23 -0.26 SWL 316.53 28.78 SYM 12.10 0.11 SYS 118.37 3.62 SZTM 82.28 -1.07 TATM 149.50 -1.41 TBL 9.57 -0.42 TCORP 19.31 -2.20 TCORP 19.28 -0.67 TCORPR1 0.79 -0.73 TELE 7.11 -0.12 TGL 159.72 -1.54 THALL 505.71 -1.24 THCCL 66.14 -0.36 TICL 752.83 -38.17 TISL 4.88 -0.07 TOMCL 29.40 -0.41 TOMCLR 3.81 1.00 TOWL 124.23 -2.57 TPL 20.48 -0.36 TPLI 51.04 -1.26 TPLL 18.85 -0.16 TPLP 11.78 -0.09 TPLRF1 8.79 -0.10 TPLT 30.02 -1.37 TREET 23.38 -0.22 TREETR2 5.62 0.65 TRG 56.37 1.07 TRIPF 126.08 -0.52 TRSM 14.14 -0.03 TSBL 2.23 -0.03 TSBLR1 0.18 -0.04 TSMF 16.03 -0.17 TSML 457.80 1.51 TSPL 13.30 -0.11 UBDL 24.50 -0.50 UBL 412.53 4.42 UBLP-ETF 27.88 -0.04 UCAPM 12.06 0.00 UDLI 16.60 -0.07 UDPL 99.99 0.09 UNIC 10.78 -0.02 UNITY 7.93 -0.11 UPFL 25,550.00 300.00 UVIC 18.50 0.49 WAFI 153.79 -0.21 WAHDAT 13.73 -0.28 WAHN 227.00 -0.02 WASL 6.56 0.40 WASLR 0.79 0.15 WAVES 8.91 0.02 WAVESAPP 7.26 -0.13 WAVESAPPR 0.06 -0.11 WHALE 8.01 -0.19 WTL 0.96 -0.02 WYETH 2,008.00 8.00 YOUW 4.58 -0.12 ZAHID 62.37 1.36 ZAL 37.93 0.05 ZIL 309.56 28.56 ZTL 15.36 -0.83 ZUMA 27.80 -0.40

Customs duty is not the barrier, GST is

October 19, 2026

The National Tariff Policy 2025-30 has remained in the news for the right reasons recently, and it is time to offer a provisional assessment in the light of recent data. The good news first: the policy is working. One of the underlying objectives of the policy was to stop treating customs tariff as a source of revenue and start treating it as a tool of industrial policy – to provide signals to industry and consumers. One year of experience indicates that the policy is succeeding, as the contribution of import-based revenue has come down from above 50% of overall tax revenue to less than 40%. This has happened despite an increase in import volume and customs revenue, while overall tariffs have gone down – exactly as the research had predicted.