Breaking News

You are here » Indian-Commodity  :  Economy  :  ASSOCHAM urges govt to review GST rates on specific agriculture inputs

13-Jul2017

ASSOCHAM urges govt to review GST rates on specific agriculture inputs

The industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM) has urged the union government to review 18 percent Goods and Services Tax (GST) rate on specific agriculture inputs such as bio fertilizers, bio pesticides/bio control agents (BCA), organic manures/vermicompost/farmyard manure (FYM) and others so as to compress the use of chemical fertilisers..

The industry body has highlighted that higher GST in this segment will directly promote the use of chemical fertilisers, thereby leading to increase in green house gas emissions. Apart from this, it noted that this will adversely impact public health too. Adding further, it pointed out that such a taxation policy on these segments will directly contradict efforts being made by Prime Minister Narendra Modi in promoting variety of schemes and projects such as Swachh Bharat, Soil Health Card, Namami Gange and various organic missions.

Underlining the importance of bio-fertilizers, the chamber has said that they are manufactured primarily by micro, small and medium enterprises (MSMEs) and also provide farmers an option towards sustainable agriculture practices like organic farming. Besides, it noted that bio-fertilizers are highly beneficial as they are alternate solutions to farmers from use of chemical fertilizers that tends to spoil both soil and environment.


Related News

View all news

Job creation declines by 1.73% in February to 15.03 lakh: ESIC payroll data

The Employees State Insurance Corporation (ESIC) in its latest payroll data has showed that job creation declined by 1.73% in February 2019 to 15.03 lakh compared to 15.30 lakh in the same month last year.......

Job creation trebles in February to reach 8.61 lakh: EPFO

The Retirement fund body, Employment Provident Fund Organisation (EPFO) in its latest 'Net Payroll Data' report has showed that job creation in India's formal sector almost trebled to 8.61 lakh in February......

Reform process in India must be completed in coming five years: Arvind Panagariya

In order to create decent jobs for the masses as well as give serious thought to privatising the public sector banks (PSBs), Arvind Panagariya, who had served as the first Vice Chairman of the NITI Aayog......

Top News

View all news

Jet Airways reports passenger load factor of 86.7% in March

Jet Airways (India) has reported the Passenger Load Factor (PLF) of 86.7% during the month of March 2019. The company had reported the Passenger Load Factor of 89.4% during the month of February......

IndiGo launches additional daily non-stop flights to strengthen connectivity from Delhi

InterGlobe Aviation (IndiGo) has launched six additional daily non-stop flights to strengthen connectivity from Delhi. Effective May 25, the airline will operate its first direct flight on Delhi-Allahabad......

McLeod Russel to sell specified assets of its certain Tea Estates

McLeod Russel India has executed an agreement for sale of Specified Assets of Addabarie Tea Estate, Mahakali Tea Estate and Dirai Tea Estate of the Company, with Luxmi Tea Company on April 22, 2019.Earlier,......