Food Processing Industry May Continue with Current Taxation Rates Under GST

A big time relaxation just showered from the top ministry as it conveyed the news that, GST would not be gulping down the most basic requirement food into its basket. Food processing industry is probably not going to have any unfriendly effect as far as tax assessment under the proposed GST administration as the area will keep on being saddled with existing rates, a top Food Processing Ministry official said today.

Tending to a worldwide gathering on ‘India Farm 2 Fork 2016’, Special Secretary in the Food Processing Ministry J P Meena guaranteed that the business won’t be any unfavorable effect of GST administration on the area. The business has requested the part be required with least assessment under the GST administration to fuel development and pull in speculations, as requested by the minister himself.

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A statement in which PHD chamber Meena said that “The GST regime is unlikely to adversely affect this sector with higher taxation slabs, as the available indication suggests that it would continue to be taxed at existing rates even post-GST.”

On post-reap misfortunes of agri-deliver, Meena prior said the administration is developing arrangements to support sustenance processing and lessen agri-wastage by 50 percent in the following 5-6 years. Minister of State for Food Processing Sadhvi Niranjan Jyoti mentioned that “The government has reduced significantly the taxes, particularly excise on food processing industries from 10 per cent to 6 per cent.”

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He called upon the business to make quality handled sustenances which are acknowledged in worldwide markets, other than asking the nourishment wellbeing controller to streamline guidelines in such manner. He additionally shared that foreign coordinate interest in the segment has been USD 500 for every annum in the most recent three years and mega food parks on the way towards 42 different locations.