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New slab on fertilizers, before GST rolled out
The GST Council on the last minute before the GST is launch, decided to lower the fertilizers tax rate to 5 Percent slab from 12 percent. Union Finance Minister Arun Jaitley who chairs the GST Council announced after Friday\'s meeting, that 12 percent tax rate on fertilizers seems to be a burden on farmers. so the Council has decided to bring down the tax rate to 5 percent.
The GST Council on the last minute before the GST is launch, decided to lower the fertilizers tax rate to 5 Percent slab from 12 percent.
Union Finance Minister Arun Jaitley who chairs the GST Council announced after Friday's meeting, that 12 percent tax rate on fertilizers seems to be a burden on farmers. so the Council has decided to bring down the tax rate to 5 percent.
The tax rates on fertilizers before GST are in the range of 0-6 percent across States. The 12 percent GST rate could have raised the retail prices of urea, diammonium phosphate (DAP) and potash by Rs 30 to Rs 120 per bag (50kg). The reduced GST rate will bring down the burden on farmers by Rs 1,261 crore.
Chemicals and Fertilisers Minister Ananth Kumar said that industry had made several appeals to the ministry to revise the GST rate to protect the interest of farmers. They had argued that such a high tax rate would see their production costs shoot up significantly affecting farmers adversely.
The government wants to double the income of farmers by 2022.
GST touted as the single biggest tax reform since the independence in 1947 and is expected to add 2 percent to the country's GDP (gross domestic product). The ambitious tax reform will subsume around a dozen central and state taxes that are levied on goods and services.
