Fertilizer companies will get the full arrears of subsidy this month! Textile sector can get relief in tax

Full dues of fertilizer subsidy to fertilizer companies will be paid soon.

Full dues of fertilizer subsidy to fertilizer companies will be paid soon.

Good news for fertilizer, footwear, furniture and textile companies. While the subsidy payments of Fertilizer Companies have come up (Subsidy Payments), the rest is expecting a big relief in the Goods and Services Tax (GST).

New Delhi. The Narendra Modi government of the Center (Modi Government) is making every effort to revive the sectors facing economic challenges due to the Corona crisis. In this episode, there is good news for Fertilizer, Footwear, Furniture and Textile companies. Actually, the central government can pay the entire dues of fertilizer subsidy to fertilizer companies by the end of March 2021. Explain that till now 86 percent of the subsidy has been paid to the fertilizer companies.

19 thousand crores was paid in February 2021
The payment of fertilizer subsidy to fertilizer companies has increased significantly. In February 2021, subsidy payments of Rs 19,000 crore have been made to companies. According to information received by sources from CNBC-Awaaz, now in March 2021, there is a preparation to pay a subsidy of about 21,000 crore rupees. So far 86% of the total allocation has been paid in the financial year. Out of Rs 136 crore of subsidy, about Rs 117 crore has been outstanding. The companies making urea have received the maximum 75 percent subsidy. High subsidy companies include RCF, Chambal Fertilizer, Zuari Global, Coromandal, UPL and IFFCO.

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The central government can also give big relief to the footwear, furniture and textiles sector. In the meeting of GST Council (GST Council) companies are expected to get relief in goods and services tax related to these three industries. According to sources, the government’s emphasis is on improving the inverted duty structure. The huge GST on raw materials is causing problems in the business. The raw material for footwear attracts 12 per cent to 18 per cent GST. Currently there is a 5 per cent GST on footwear under 1000. The government can give relief in this.

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