New Delhi June 30 (IANS) The Goods and Services Tax (GST) Council on Friday slashed the rate on fertiliser from 12 per cent to 5 per cent to reduce the burden on farmers.
Finance Minister Arun Jaitley disclosed this information after the Council meeting here hours before the roll-out of the new indirect tax regime.
In today s meeting of the GST Council some additional set of Rules have been approved and there was one major decision which was in response to a number of representations against the 12 per cent former rate of GST on fertiliser Jaitley said.
Some felt that it may increase the burden on the farmer itself and therefore a consensus was taken. The consensus of the Council was to bring the rate down to 5 per cent so that the fertiliser prices come down it doesn t go up he added.
--IANS
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GST rate on fertiliser reduced to 5% from 12%: Jaitley
