Major Tax Relief for Agriculture and Dairy Sectors
The GST Council has reduced tax rates on various dairy products, fertilisers, and agricultural equipment to provide relief to farmers and consumers. Significant cuts include GST reductions on UHT milk, paneer, and several agricultural machinery and inputs, with new rates effective from September 22.
- Country:
- India
The Goods and Services Tax (GST) Council has announced a significant reduction in tax rates on a range of dairy products and agricultural goods, offering relief to farmers and consumers ahead of the festive season.
In its 56th meeting, chaired by Union Finance Minister Nirmala Sitharaman, the council approved rate cuts that include making Ultra High Temperature (UHT) milk and paneer tax-free, slashing the GST from 5% to zero. Condensed milk, butter, and other dairy products, along with agricultural machinery, will see GST reduced to 5%.
The council's decision also encompasses reduced GST on key fertiliser inputs and biopesticides. These changes are expected to lower input costs for farmers and reduce the prices of essential dairy products for consumers, becoming effective on September 22.
(With inputs from agencies.)
Google News