According to reports the bus was heading to Rawalpindi from Skardu and with around 40 passengers, including 16 Pakistan Army personnel.
Officials said the bus which was operated by a private transport company crashed into a mountainside on Shahrah-e-Kaghan at a location between Geeti-Das and Babusar Top.
Meanwhile, Gilgit-Baltistan government spokesperson Faizullah Firaq said that the injured were being shifted to Gilgit city in a helicopter.
He expressed his gratitude with the force commander for providing a Pakistan Army helicopter for the mission, adding that an ambulance of the Army was also taking part in the rescue operation.
The Babusar Pass road, frequently used by tourists, remains open from the end of June to October every year. It then remains closed following heavy snowfall at Babusar Top.
The pass provides an alternate shorter route to Gilgit from Islamabad in summers connecting picturesque Kaghan valley with northern Gilgit-Baltistan region.