GST Cuts on Farm Equipment to Boost Atmanirbhar Bharat Vision
Agriculture Minister Shivraj Singh Chouhan will meet industry leaders to discuss the implementation of recent GST cuts on agricultural equipment. The tax now stands at 5%, reducing retail prices and benefiting farmers with subsidy schemes. Indigenous manufacturers also gain a competitive edge.
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- India
Agriculture Minister Shivraj Singh Chouhan is set to engage in discussions with industry stakeholders this Friday. The aim is to facilitate the seamless implementation of the recent reduction in Goods and Services Tax (GST) on tractors and farm equipment.
The Indian government slashed GST rates from 12-18% to just 5% on various agricultural machinery, a move effective from September 22. This change is expected to decrease retail prices by anywhere from 7% to 13%.
Besides benefiting from reduced taxation, farmers stand to gain from existing subsidy schemes. Indigenous machinery manufacturers will also enjoy increased competitiveness, aligning with the Atmanirbhar Bharat vision. The meeting will ensure these tax cuts reach the farmers fully, with representatives from key industry associations in attendance.
(With inputs from agencies.)
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