The GST Council reduced the GST rate on fertilizers from 12% to 5%, while that on tractor parts was reduced from 28% to 18%. ALSO READ: Live updates to GST launch in Parliament“In today’s Council meeting, some additional sets of rules were approved. Other than this, many states had raised concern that the 12% GST rate proposed on fertilizers might increase the tax burden on farmers. Keeping in mind the tax rates on fertilizers prevailing in different states, the Council decided to lower it to 5%,” said the finance minister, who chairs the GST Council. Prime Minister Narendra Modi met state finance ministers over dinner late on Friday before the midnight ceremony in Parliament’s central hall.

Source: Mint June 30, 2017 15:00 UTC