The GST Council has fixed the GST rate of l2 % for fertilisers and l8% for inputs, namely phosphoric acid and ammonia, which go in to the manufacturing of NPK fertilisers.
Rice planting fell almost 2% to 9.22 lakh hectare while pulses shrank 39% to cover 2.22 lakh hectare. Oilseeds saw a decrease in acreage by 29% at 1.88 lakh hectare.
The decision in this regard was taken at a meeting called by Union Agriculture Minister Radha Mohan Singh here today to reduce voluntarily the seed prices.
In the present VAT regime, registered packed rice, wheat flour and gram flour are exempt from tax but in the recently declared schedule of GST rates would be under 5% tax.
“I don’t think there are any figures to show that it is a reality (fall in figures of frozen beef meat export),” the minister claimed.
Edible oil industry will not be affected by 5% GST as it already attracts a 5% VAT.
The association said that if raw sugar prices fall further, even at the current 40% import duty, raw sugar could be easily and profitably imported into India.
The weather office on Friday said that the southwest Monsoon was likely to cover some more parts of Karnataka, Andhra Pradesh, Maharashtra, West Bengal, and the Northeast during the next 2-3 days.
Companies and analysts said the acreage under cotton could surpass soyabean and pulses as prices are firm.
Deepak Pental said he has already been approached by local seed companies to get licence for the GM mustard that yields 30 per cent more than the current varieties.
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