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ACFI, an organization of companies associated with the agrochemical sector, has urged Union Finance Minister Nirmala Sitharaman to reduce the import duty and Goods and Services Tax (GST) on chemicals for the protection of crops in the next budget.
The Agrochemical Federation of India (ACFI), which represents the pesticide manufacturing and import units, in a report to the Ministry of Finance in this context, urged the government to take favorable measures for agricultural chemicals and research and development. development under the aegis of Krishi Vigyan Kendras (KBKs) To further the work, financial assistance to the private sector has also been requested. The Finance Minister will present the budget for 2023-24 on February 1.
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The organization’s president, Parikshit Mundra, said in a statement that India has not discovered any new chemical ‘molecules’ for crop protection in the recent past. This is due to the high cost involved in the process from discovery to commercialization. For this reason, it is necessary to provide financial assistance to promote the domestic industry.
ACFI said: “The country has no choice but to import at this time. Therefore, it is necessary to reduce the import tariff so that Indian farmers are not deprived of new technological solutions for crop protection.” ACFI also urged lowering the GST on crop protection chemicals like fertilizers to five percent. He says the current 18 per cent Goods and Services Tax (GST) on chemicals is not in the interest of farmers as they have to spend more to buy crop protection chemicals. On the other hand, fertilizers and crop protection chemicals are in the same category but have different GST rates, which doesn’t make sense.