The goods and services tax in India is making several accomplishments while creating extra compliance to assimilate changes into a manageable one. As in the latest update for tax rate reduction, the commercial floriculture sector stated for a reduced 12 percent of GST rather than 18 percent on the greenhouse materials, as the sector manages one of the top growing industry which is escalating at a rate of 20 percent per annum.
The 13th version of International Flora Expo 2018 is scheduled for 23-25 February at Pimpri near Pune. If going by the words of industry experts, the floriculture is a booming industry with a lot of offers and opportunities on the prospects of innovation, exports and employment. The experts go on to say that the industry is well placed from the point of investment as said that it is healthy from all the aspects of innovations, exports and employment.
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The president iFlora (Indian Flowers and Ornamental Plants Welfare Association) S Jafar Naqvi, mentioned that the flower industry has bloomed a lot more in a decade due to the factors like a cultural and seasonal demand. This industry is on the verge of becoming a vital source of exports and could further boost the economy in a never before seen manner.
As there are more and more utilities uncovered by which the flowers and such products can be preserved for a long duration, the industry is set to target more and more audiences with the farthest distance. But also mentioned that the industry continues to be plagued by certain impediments and challenges. Highly fluctuating currency is a major problem even though Rupee weakness has helped exporters.
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