Just a couple of hours before the Goods and Services Tax (GST) roll out, the all-powerful GST Council has reduced the tax rate on fertiliser to 5 percent from previously decided 12 per cent.
Finance Minister Arun Jaitley, who heads the GST Council comprising representatives of states, states the decision to reduce the tax rate on fertiliser was taken because of apprehensions that price of the crop nutrient may go up. The GST Council, in another move to give relief to farmers, also cut the tax rate on exclusive parts of tractors from 28 per cent to 18 per cent.
Important Takeaways from above News-
- The much-awaited Goods and Services Tax (GST) was rolled out from 01st July 2017.
- The GST, which unifies more than a dozen central and state levies like excise duty, service tax and VAT.
Source- The Economic Times