Faced with a crippling loss due to the high input cost on switching over to Liquefied Natural Gas (LNG) as feedstock, the country’s leading fertilizer manufacturing company, Fertilizers and Chemicals Travancore Limited (FACT), is seeking a long-term deferment of value-added tax (VAT) on the fuel.
Emerging from a meeting with Union Minister of State for Food and Consumer Affairs K.V. Thomas, Chief Minister Oommen Chandy and Jaiveer Srivastava, Chairman and Managing Director, FACT, told reporters here on Wednesday that the State government had promised to defer the VAT on LNG, currently levied at 14.2 per cent, for a period of five years.
