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Effect of Goods & Services Tax (GST) on the Indian Agricultural Sector

Ever since GST was implemented across India in 2017, it created quite a stir as to how would things work, how it would impact various sectors, how would people get GST credit, and how it would reduce indirect taxes. Today we look at 2017 to 2022 how it has affected the Indian Agricultural Sector.

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Indian Agricultural Sector & GST

GST in India

To first understand the impact of GST we need to understand what is GST, the agriculture in India and then GST’s mark on it. In a nutshell, GST is Goods & Services Tax which went live in 2017 after a series of board meetings, the process of implementation and amendment bills. After the approval of Lok Sabha & Rajya Sabha, this new tax system was implemented to reduce a range of indirect taxes such as Value Added Tax (VAT), Service Tax, Purchase Tax, Excise Duty and so on which were being levied from the people. So, it is 1 tax that is applicable all over India.

Agriculture in India

The agriculture sector is crucial to the growth of the Indian economy. Rice, wheat, sugarcane, and spices are just a few of the agricultural products that India produces and exports to other countries. Agriculture is one of the key businesses providing employment in rural India. Consequently, taxation on the agricultural industry is quite important to the economy. The greatest contributor to India’s overall GDP is the agriculture sector. It accounts for roughly 16% of the Indian GDP.

In India, the agriculture industry is largely excluded from the GST. In essence, agricultural products including fresh seafood, dairy, fruit, and vegetables are exempt from the GST.

Positive Impacts of GST on Agri-Activities

1. Better Supply Chain
Under the new regulations, no tax will be levied on the storage, which will lower the farmers’ tax burden. It also has reduced food waste associated with storage tax and has provided farmers with the opportunity to sell their goods at a good price.

2. Input Tax Credit with Tax Exemption
Each dealer is provided with an Input Tax Credit (ITC) for the tax previously levied for each addition. This creates a transparent and hassle-free system while the movement of agri-food. The previously imposed surplus tax is only collected (on consumption) if agricultural products are marketed by manufacturers or on the output of goods.

3. Reduced Transportation Time
As agricultural products are perishable, their transportation plays a vital role while distributing them. As a single tax rate has been imposed, it should empower and strengthen as now transporting has become convenient.

4. Intergovernmental Trade Made Easy
Earlier during intergovernmental trade, a lot of permissions and licences were required from states and which made every transaction difficult. This led to a lengthy process and there were complications when agricultural products needed to be transported. Because of GST, a lot of loopholes in this process have now gone, making the trade of such items very smooth.

Future Plans to be Achieved by GST

  1. The overall aim of GST has lessened the burden on the agricultural industry. However, the government has had to increase taxes on items like fish, meat, chicken, dairy products, condensed milk, dried fruit, jellies, and other items. With time, the government plans to reduce taxes on the same, so there’s a balance maintained.
  2. The building cost has marginally increased because of 18% GST but on the other hand, people would be paying less tax overall.

India

Aviation (DGCA) signed a letter of intent (Lol) with EASA

Aviation (DGCA) signed a letter of intent (Lol) with EASA

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The Directorate General of Civil Aviation (DGCA) signed a letter of intent (Lol) on Unmanned Aircraft Systems and Innovative Air Mobility with the European Union Aviation Safety Agency (EASA) on 20th April, 2023 during EU-India Aviation Summit held in New Delhi, India.
As a next step in the mutual cooperation, DGCA India has signed a memorandum of understanding (MoU) with the European Union Aviation Safety Agency (EASA) for cooperation in Unmanned Aircraft Systems and Innovative Air Mobility. This MoU will focus on collaboration on unmanned aircraft and innovative air mobility between the two civil aviation authorities.

This collaboration would include cooperation between DGCA and EASA in the areas of development of certification standards and environmental standards and related requirements for the certification and use of unmanned aircraft systems and innovative air mobility operations which includes licensing of personnel, training, air traffic management and infrastructure, including Unmanned Aircraft System Traffic Management (UTM) standards and services.

The MoU will also ensure regular information sharing between the two authorities on the technological developments and research in this area and also their respective strategies for outreach to relevant stakeholders. Further, the MoU will result in collaboration in conducting conferences, workshops, training programmers by DGCA and EASA in this area. The signing of this MoU is expected to result in harmonized standards and accelerated growth of Indian unmanned aviation sector.

Check it out DGCA Tweet

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India

MyAadhaar: A User-Friendly Website For Aadhaar Services

MyAadhaar: A User-Friendly Website For Aadhaar Services

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The myAadhaar website is a one-stop shop for all your Aadhaar-related services. You can use the website to download your Aadhaar card, update your Aadhaar details, and order a PVC Aadhaar card. You can also use the website to find the nearest Aadhaar Seva Kendra and book an appointment.

The myAadhaar website is easy to use and navigate. The homepage has a clear and concise layout, and all the important links are easy to find. The website is also available in multiple languages, making it accessible to a wider range of users.

One of the best things about the myAadhaar website is that it is secure. All your personal information is encrypted and protected by a password. You can also use the website to generate a 16-digit Virtual ID (VID), which can be used in place of your Aadhaar number for online transactions.

Overall, the myAadhaar website is a user-friendly and secure platform for accessing your Aadhaar services. If you need to update your Aadhaar details, order a PVC Aadhaar card, or find the nearest Aadhaar Seva Kendra, the myAadhaar website is the best place to do it.

Here are some of the features of the myAadhaar website:

  • Download your Aadhaar card
  • Update your Aadhaar details
  • Order a PVC Aadhaar card
  • Find the nearest Aadhaar Seva Kendra
  • Book an appointment at an Aadhaar Seva Kendra
  • Generate a 16-digit Virtual ID (VID)
  • Validate the status of your Aadhaar
  • Submit feedback

Here are some of the benefits of using the myAadhaar website:

  • Easy to use and navigate
  • Available in multiple languages
  • Secure
  • Convenient
  • Saves time and effort

If you need to access your Aadhaar services, I recommend using the myAadhaar website. It is a user-friendly and secure platform that makes it easy to get the services you need.

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ആ”ശ്വാസം” A’Swasam’ of Mammootty will now reach at Malappuram

ആ”ശ്വാസം” A’Swasam’ of Mammootty will now reach at Malappuram

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Malappuram-A Swasam project led by actor Mammootty was held in Mancheri.

Malappuram district level inauguration of Care & Share International Foundation’s A’Swasam’ project led by actor Mammootty was held in Mancheri.

Mammootty Fans & Welfare Association Malappuram District Committee and Mancheri and Perinthalmanna Area Committees in collaboration with Rajagiri Hospital provided oxygen concentrator free of cost to in-patients under Mancheri Cherani Palliative and Thirurkad Palliative Clinics as part of A’Swasam’ project.

Mancheri MLA Adv. U. A Latif performed the inauguration. Mammootty’s senior lawyer Adv. Sreedharan Nair, Mammootty Fans State Joint Secretary Kalam Kunnumpuram, Co. Coordinator Wahab Master, Shameer Valancheri, Shafi Mancheri, Rufad, Ansar, Faiz and Shameer Mancheri spoke.

Story Highlights: Actor Mammootty charity aaswasam at Malappuram

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