GST Council reduces tax rate on fertilisers from 12% to 5%
Finance Minister Arun Jaitley said they had approved an additional set of rules at its 18th meeting.
![GST Council reduces tax rate on fertilisers from 12% to 5%](https://sc0.blr1.digitaloceanspaces.com/large/842304-58966-dezojpkcyn-1497774438.jpg)
The Goods and Services Tax Council on Friday reduced the tax rate on fertilisers from 12% to 5%, Finance Minister Arun Jaitley said, adding that the council had approved an additional set of rules at its 18th meeting.
“The matter was raised [at the meeting] in response to a number of representations made against the 12% rate, which some felt would have increased the burden on farmers,” Jaitley said. “There was consensus in the council on bringing the rate down to 5% so that the price of fertilisers, if at all, comes down and does not go up.”
Delhi: Finance Minster Arun Jaitley chairs the 18th #GST Council meeting at Vigyan Bhavan pic.twitter.com/PiwfjRRMjn
— ANI (@ANI_news) June 30, 2017
The news comes hours ahead of the GST’s midnight launch at Parliament. Traders on Friday observed a “Bharat bandh” in protest against the rollout of the new tax regime.