Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
The Goods and Services Tax (GST) Council on Friday slashed the rate on fertiliser from 12 per cent to 5 per cent to reduce the burden on farmers.
Finance Minister Arun Jaitley disclosed this information after the Council meeting here, hours before the roll-out of the new indirect tax regime.
"In today's meeting of the GST Council, some additional set of Rules have been approved and there was one major decision which was in response to a number of representations against the 12 per cent former rate of GST on fertiliser," Jaitley said.
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"Some felt that it may increase the burden on the farmer itself and therefore a consensus was taken. The consensus of the Council was to bring the rate down to 5 per cent so that the fertiliser prices come down, it doesn't go up," he added.
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