New Delhi, Jan 19 (PTI) Jain Irrigation today said itwill pass on to consumers and farmers the benefit of reducedGST rate on drip irrigation systems.
The GST Council in a meeting yesterday reduced the GSTrate on drip irrigation systems including laterals, sprinklerproducts to 12 per cent from 18 per cent.
"The new GST rate shall be effective January, 25 2018,"th company said in a BSE filing adding that it has decided topass on this benefit of 6 per cent directly tocustomers/farmers.
Jain Irrigation hailed the government's decision toencourage farmers to invest in efficient irrigation systemswhich save water and improve productivity.
"We estimate that this action will have positive impactin the upcoming busy season for our drip irrigation division,"the company said.
Jain Irrigation, with more than 10,000 associatesworldwide and revenue of over Rs 60 billion, is an Indianmultinational company with manufacturing plants in 28locations across the globe.
It is engaged in manufacturing of micro irrigationsystems, PVC pipes, HDPE pipes, plastic sheets, agro processedproducts, renewable energy solutions, tissue culture plants,financial services and other agricultural inputs since last 34years. PTI MJHANU.
This is unedited, unformatted feed from the Press Trust of India wire.