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Consider the following statements.
- The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium.
- Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control.
- In India, the sale of fertilizers is exempted from GST.
How many of the above statements are correct?
- a)Only one
- b)Only two
- c)All three
- d)None
Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements. The nutrient-based subsidy (NBS) co...
Statement 3 is incorrect.
- Nutrient-based subsidy (NBS) covers fertilizers like P&K fertilizers. Urea is left out of the scheme and hence it remains under price control whereas technically there is no price control in other fertilisers.
- GST for fertilizers is at 5% and GST on raw materials like sulphuric acid and ammonia are at 18%.
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Consider the following statements. The nutrient-based subsidy (NBS) co...
The correct answer is option 'B' - Only two statements are correct. Let us analyze each statement one by one:
Statement 1: The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium.
This statement is incorrect. The nutrient-based subsidy (NBS) scheme in India covers only three major nutrients - nitrogen, phosphorus, and potassium (NPK). It does not cover specific fertilizers like phosphorus and potassium individually.
Statement 2: Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control.
This statement is correct. Urea, which is the most commonly used fertilizer in India, is left out of the nutrient-based subsidy (NBS) scheme. Instead, it continues to be under price control by the government. Urea is sold at a subsidized rate to farmers to ensure its availability at affordable prices.
Statement 3: In India, the sale of fertilizers is exempted from GST.
This statement is incorrect. The sale of fertilizers in India is not exempted from the Goods and Services Tax (GST). Fertilizers attract a GST rate of 5%. However, certain inputs used in the production of fertilizers, such as natural gas and phosphoric acid, are exempted from GST.
In summary, only statement 2 is correct, while statements 1 and 3 are incorrect. The nutrient-based subsidy (NBS) scheme in India covers nitrogen, phosphorus, and potassium (NPK) fertilizers, but not phosphorus and potassium individually. Urea is left out of the NBS scheme and remains under price control. The sale of fertilizers in India is not exempted from GST and attracts a GST rate of 5%.
Statement 1: The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium.
This statement is incorrect. The nutrient-based subsidy (NBS) scheme in India covers only three major nutrients - nitrogen, phosphorus, and potassium (NPK). It does not cover specific fertilizers like phosphorus and potassium individually.
Statement 2: Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control.
This statement is correct. Urea, which is the most commonly used fertilizer in India, is left out of the nutrient-based subsidy (NBS) scheme. Instead, it continues to be under price control by the government. Urea is sold at a subsidized rate to farmers to ensure its availability at affordable prices.
Statement 3: In India, the sale of fertilizers is exempted from GST.
This statement is incorrect. The sale of fertilizers in India is not exempted from the Goods and Services Tax (GST). Fertilizers attract a GST rate of 5%. However, certain inputs used in the production of fertilizers, such as natural gas and phosphoric acid, are exempted from GST.
In summary, only statement 2 is correct, while statements 1 and 3 are incorrect. The nutrient-based subsidy (NBS) scheme in India covers nitrogen, phosphorus, and potassium (NPK) fertilizers, but not phosphorus and potassium individually. Urea is left out of the NBS scheme and remains under price control. The sale of fertilizers in India is not exempted from GST and attracts a GST rate of 5%.
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Consider the following statements. The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium. Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control. In India, the sale of fertilizers is exempted from GST.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements. The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium. Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control. In India, the sale of fertilizers is exempted from GST.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium. Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control. In India, the sale of fertilizers is exempted from GST.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium. Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control. In India, the sale of fertilizers is exempted from GST.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?.
Consider the following statements. The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium. Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control. In India, the sale of fertilizers is exempted from GST.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium. Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control. In India, the sale of fertilizers is exempted from GST.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. The nutrient-based subsidy (NBS) covers fertilizers like Phosphorus and potassium. Urea is left out of the nutrient-based subsidy (NBS) scheme and hence it remains under price control. In India, the sale of fertilizers is exempted from GST.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?.
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