GST Rate Cut Spurs Growth in India's Fisheries Sector
The Indian government announced a significant GST rate reduction for the fisheries sector, enhancing competitiveness and reducing operational costs. This move benefits millions involved in fishing and aquaculture and strengthens seafood exports. GST on essential materials and equipment has been cut from 12% to 5%.
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The fisheries sector in India is poised for substantial growth following the government's decision to cut GST rates. Announced on Thursday, the tax rate rationalization is expected to reduce operational costs and enhance the global competitiveness of Indian seafood.
The Ministry of Fisheries detailed the changes, highlighting reduced GST on fish oils, extracts, and preserved products from 12% to 5%. This includes reductions for vital aquaculture equipment like pumps and sprinklers, as well as chemicals used in pond management.
The sector already supports around 3 crore livelihoods and could see a boost in exports, which recently surpassed Rs 60,000 crore. With GST cuts on processing and farming equipment, India's seafood producers are set for significant domestic and global growth.
(With inputs from agencies.)
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