NEW DELHI: The agriculture ministry will on Friday deliberate on how benefits under GST reforms related to the farm sector are widely and effectively passed on to farmers. Relevant strategies will also be formulated for smooth implementation of these reforms.
Chaired by agriculture minister Shivraj Singh Chouhan, the ministry's officials will hold discussions with industry players to ensure the smooth implementation of the recent cut in the Goods and Services Tax (GST) on tractors and other farm equipment. Govt has reduced GST from 12 per cent-18 per cent to 5 per cent on various agricultural machinery and equipment effective Sept 22. This will reduce the retail prices by 7 per cent-13 per cent.
"Farmers will also gain the dual benefit of subsidy schemes combined with lower taxation, while indigenous agricultural machinery manufacturers will receive a competitive edge under the vision of 'Atmanirbhar Bharat'," an official statement said.
Chaired by agriculture minister Shivraj Singh Chouhan, the ministry's officials will hold discussions with industry players to ensure the smooth implementation of the recent cut in the Goods and Services Tax (GST) on tractors and other farm equipment. Govt has reduced GST from 12 per cent-18 per cent to 5 per cent on various agricultural machinery and equipment effective Sept 22. This will reduce the retail prices by 7 per cent-13 per cent.
"Farmers will also gain the dual benefit of subsidy schemes combined with lower taxation, while indigenous agricultural machinery manufacturers will receive a competitive edge under the vision of 'Atmanirbhar Bharat'," an official statement said.
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