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Union Budget 2021: PMFAI demands GST reduction on pesticides from 18% to 5% – Business News , Firstpost


The PMFAI additionally urged the federal government to prolong a monetary assist for growing applied sciences for intermediates and technical grade pesticides indigenously beneath ‘Make in India’

Representational picture. Credit: Pixabay

New Delhi: The Pesticides Manufacturers and Formulators Association of India (PMFAI) on Wednesday demanded that the federal government within the forthcoming Budget ought to scale back GST to 5 % from the present 18 % on pesticides in keeping with different farm inputs like seeds and fertilisers.

That aside, the federal government ought to enhance obligation disadvantage (export advantages) of pesticides from the current 2 % to 13 % in addition to growing import obligation on technical and completed pesticides to 20-30 % to shield the home agro-chemical substances business, it stated in a press release.

The PMFAI additionally urged the federal government to prolong a monetary assist and different improvement help for growing applied sciences for intermediates and technical grade pesticides indigenously beneath “Make in India” programme.

These have been 4 key demands the PMFAI — which represents over 200 small, medium, and enormous-scale Indian pesticide producers, formulators, and merchants — made in a illustration submitted to the Fertiliser and Chemicals Ministry, it added.

“The GST reduction will help bring three-fourth of the total farmers in India, who are outside the ambit now, protect their crops without causing any substantial loss to the central exchequer. This will help farmers harvest crops with minimal loss and secure better returns too,” PMFAI President Pradip Dave stated.

Agriculture is the one sector which has proven resilience and grown 3.5-four % within the final quarter. Considering the prevailing financial situation, it requires particular focus and assist for sustainable development of Indian agriculture, he added.

The Union Budget can be offered by Finance Minister Nirmala Sitharaman on 1 February. The Budget session of Parliament will begin on 29 January.

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