Looking for the updates of the 18th GST Council Meeting? Here are the most important ones.
Before the final GST roll out at midnight on 30th June 2017, one last meeting was held which was 18th of the series on 30th june 2017 which had no formal agenda but to thank the council members for all the help they provided for implementation of the GST. Yet there were two major changes were made in the said meeting.
- The tax rate on fertilizers have been reduced to 5% from previously decided 12%
- The tax rate on Exclusive parts of tractors has been cut to 18% from 28%
The said reduction in the rates of fertilizers was made because of the states that were concerned that the 12% GST rate on fertilizers might increase the tax burden on farmers which needs to be taken in account hence considering tax rates on fertilizers in different states, the council unanimously decided to lower the GST rate on fertilisers to 5%.
Hope this article was helpful. Refer to the topics discussed in the 19th GST council meeting.
Source- gstcouncil.gov.in
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