Union Budget 2021: Industry body demands GST rate cut on agrochemicals, focus on R&D – Business News , Firstpost

CropLife India stated slashing the GST rate will assist decrease the costs of agrochemicals and profit farmers

New Delhi: Industry body CropLife India on Thursday demanded that the federal government cut back GST rate on agrochemicals to 12 p.c within the forthcoming Union Budget.

In a press release, the business body stated slashing the rate of products and companies tax (GST) will assist decrease the costs of agrochemicals and profit farmers.

The present GST rate on agrochemicals is 18 p.c. “The government should also simplify requirements under GST by allowing companies to adjust input credit of one state against the tax payable situation in another state as GST is a central levy,” CropLife India CEO Asitava Sen stated.

Besides, the business body urged the federal government to focus on analysis and improvement (R&D) by offering 200 p.c weighted deduction on R&D bills by agrochemical firms, which might profit the farmers throughout the nation. “The government may consider providing this to those units who have minimum fixed assets of Rs 50 crore and incurring expenses of Rs 10 crore,” Sen stated.

The business additionally demanded that the federal government preserve an uniform primary customs obligation of 10 p.c on each technical uncooked materials and completed merchandise. CropLife India is an affiliation of analysis and improvement-pushed member firms in crop safety. The Union Budget might be offered by Finance Minister Nirmala Sitharaman on 1 February. The Budget session of Parliament will begin on 29 January.

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