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The GST (Goods and Services Tax) Council is likely to take up a proposal to correct the inverted duty structure in the fertiliser sector as part of its next round of reforms by September, according to government sources.
The GST Council has referred a proposal to exempt the fertiliser sector from the current 5% GST to the Group of Ministers on rate rationalisation. This decision follows discussions on recommendations from the Standing Committee on Chemicals and Fertilisers made in February.
GST Council may decide to remove fertilizers from within the ambit of GST. This is as the Fitment Committee has proposed to exempt fertilizers from GST. The committee has referred the matter concerning fertilisers to the Group of Ministers (GoM) for rate rationalization.