Thursday 9 December 2021
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HomeEconomyTax rate on fertilisers reduced from 12% to 5% under GST

Tax rate on fertilisers reduced from 12% to 5% under GST

New Delhi: Union Minister for Chemicals & Fertilisers and Parliamentary Affairs Ananthkumar briefed the media on the outcome of the 18th of the GST Council held here on 30 June for fertiliser pricing. The minister said that the government decided to reduce the GST rate of fertilisers from the existing 12% to 5% primarily in the interests of farmers. The government has also urged the industry to pass the benefit on to the farmers, the Minister informed.

The government has also urged the industry to pass the benefit on to the farmers, the Minister informed.

Ananthkumar said that farmers would benefit to the tune of Rs 1,261 crore under the GST regime. Under the new GST rates announced by the council, the average weighted MRP will decrease to Rs 5,909 per tonne (or Rs 295.47 for a 50 kg bag) as compared to the existing national weighted average of Rs 5,923/ tonne (or Rs 296.18 for a 50 kg bag).

Consequent to the ushering in of the GST regime, the minister informed, there will be a uniform MRP of Rs 295.47 per 50 kg bag across the country except in a couple of States where additional VAT is charged on the as Natural gas has not been brought within the ambit of GST. However, even in these States, MRP will reduce by Rs 3 per 50 kg bag. Similarly, MRP of P&K Fertilisers, for which the prices are not administered, are also expected to come down on an average basis as the incidence of tax will be lower than the existing tax on an average, the minister added.

The GST regime, apart from integrating the entire fertiliser into a single market, will also deter inter-state smuggling of fertilisers which may be currently happening due to differing levels of taxes and consequently MRPs in different adjoining States. The GST would realise Prime Minister Narendra Modi’s vision of ‘one nation, one market, one tax’, Ananthkumar said.

The minister tweeted:

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