Many important decisions were taken in the first GST Council meeting of the year. This meeting, chaired by Union Finance Minister Nirmala Sitharaman, was also attended by finance ministers of states and union territories. Now the Minister of Finance reports through the media about all important decisions taken at the meeting.
There will be a uniform tax on milk
Services like platform tickets are exempted from GST by Indian Railways. The Finance Minister said the GST Council recommended a uniform rate of 12 per cent for all milk cartons. The city council has recommended waiving penalty interest on the tax demand notice. The GST Council has recommended a limit of Rs 20 lakh for filing appeals before the Appellate Tribunal by tax authorities. In this, a limit of Rs 1 crore has been fixed for the High Court and Rs 2 crore for the Supreme Court.
5% GST to be imposed on fertilizer sector
Andhra Pradesh Finance Minister P Keshav on Saturday said the GST Council has forwarded the recommendation to the Group of Ministers to exempt the fertilizer sector from the current five per cent GST. The council will now consider this issue. The Council discussed the reduction of GST on nutrients and raw materials in the interest of fertilizer manufacturing companies and farmers. This was recommended by the Standing Committee on Chemicals and Fertilizers in February.
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Currently, GST is imposed at the rate of five per cent on fertilizers, while raw materials such as sulfuric acid and ammonia have a higher GST rate of 18 per cent. Speaking to reporters after the 53rd GST Council meeting, Keshav said the proposal to reduce the rate of GST on fertilizers has been sent to the Group of Ministers (GoM). The issue of reduction in fertilizer tax was raised before the GST Council in the 45th and 47th meetings held in September 2021 and June 2022. However, at that time the council did not recommend any change in the rates. The GST Council meeting took place on Saturday after eight months. The last meeting of the council was held on October 7, 2023.
