Decision to reduce Tax Rate on Fertilizers from existing 12% to 5 % under GST taken in the interests of the Farmers

Decision to reduce Tax Rate on Fertilizers from existing 12% to 5 % under GST taken in the interests of the Farmers https://www.taxtmi.com/news?id=18303 Reduction of the GST rate on fertilizers lowers tax incidence and establishes a uniform maximum retail price per 50 kg bag across most States, reducing the average weighted MRP and urging the industry to pass savings to farmers. The policy also integrates the fertilizer market into a single national market to reduce inter state price disparities and deter smuggling, while States with gas outside GST will experience modest MRP reductions and non-administered P&K fertilizers should see average price declines. en-us Sat, 01 Jul 2017 17:57:22 +0530 Sat, 01 Jul 2017 17:57:22 +0530 TaxTMI RSS Generator Decision to reduce Tax Rate on Fertilizers from existing 12% to 5 % under GST taken in the interests of the Farmers https://www.taxtmi.com/news?id=18303 Reduction of the GST rate on fertilizers lowers tax incidence and establishes a uniform maximum retail price per 50 kg bag across most States, reducing the average weighted MRP and urging the industry to pass savings to farmers. The policy also integrates the fertilizer market into a single national market to reduce inter state price disparities and deter smuggling, while States with gas outside GST will experience modest MRP reductions and non-administered P&K fertilizers should see average price declines. News - Sat, 01 Jul 2017 17:57:22 +0530 https://www.taxtmi.com/news?id=18303