Finance Minster Arun Jaitley chairs the 18th GST Council meeting at Vigyan Bhavan.
Addressing the concerns of the Agriculture sector, GST Council has reduced rate on fertilizers from 12% to 5%.
FM said One major decision which was raised in response in no. of representations against 12% rate, some felt it may increase the burden on farmers. The consensus in Council was to bring the rate down to 5% so that fertilizer price if at all comes down, it doesn’t go up.
With 12% tax, the cost will increase by Rs 123 per fertilizer bag post-GST and will impact agriculture very badly by increasing the input cost of raw material used by farmers.