Union Budget 2021: PMFAI demands GST reduction on pesticides from 18% to 5%

Representational picture. Credit score: Pixabay

New Delhi: The Pesticides Producers and Formulators Affiliation of India (PMFAI) on Wednesday demanded that the federal government within the forthcoming Finances ought to cut back GST to five p.c from the present 18 p.c on pesticides in step with different farm inputs like seeds and fertilisers.

That aside, the federal government ought to improve responsibility disadvantage (export advantages) of pesticides from the current 2 p.c to 13 p.c moreover rising import responsibility on technical and completed pesticides to 20-30 p.c to guard the home agro-chemicals business, it mentioned in an announcement.

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

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

“The GST discount will assist convey three-fourth of the overall farmers in India, who’re outdoors the ambit now, defend their crops with out inflicting any substantial loss to the central exchequer. This may assist farmers harvest crops with minimal loss and safe higher returns too,” PMFAI President Pradip Dave mentioned.

Agriculture is the one sector which has proven resilience and grown 3.5-4 p.c within the final quarter. Contemplating the prevailing financial state of affairs, it requires particular focus and help for sustainable progress of Indian agriculture, he added.

The Union Finances might be introduced by Finance Minister Nirmala Sitharaman on 1 February. The Finances session of Parliament will begin on 29 January.