Connect with us

    India

    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.

    Published

    on

    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.

    Education

    CAT 2023 response sheet out on iimcat.ac.in, link to download

    IIM CAT 2023 response sheet released at iimcat.ac.in.

    Published

    on

    IIM CAT 2023 response sheet released at iimcat.ac.in.

    CAT 2023 Response sheet: The Indian Institute of Management (IIM) Lucknow has published the response sheet of the Common Admission Test (CAT) 2023. Candidates who have appeared in the examination can log in to the website iimcat.ac.in and download it.

    “Objection form and Response sheet for CAT 2023 appeared candidates is live from 05th Dec 2023 (11:00 A.M.) till 08th Dec 2023 (05:00 P.M)” reads the official website.

    Direct link 

    The entrance test took place on November 26 in three slots. There were 66 questions in the exam, of which 24 were from Verbal Ability and Reading Comprehension (VARC), 20 were on Data Interpretation and Logical Reasoning (DILR) and 22 were on Quantitative Ability (QA).

    A total of 3.28 lakh candidates were registered for CAT 2023 and 2.88 lakh or 88 per cent of them appeared.

    The duration of the test was 120 minutes (160 minutes for PWD candidates).

    Direct link to download CAT 2023 answer key

    IIM Lucknow has also invited feedback from candidates. Those who want to raise objections to the preliminary answer key can do it till December 8.

    Candidates’ objections will be reviewed by a panel of experts and if found valid, revised answers will be published on the final key.

    After that, the results of the entrance examination will be announced. Candidates who qualify in CAT 2023 can then apply for admission to their preferred B-schools.

    Continue Reading

    Education

    ഉന്നത വിദ്യാഭ്യാസ ധനസഹായത്തിനപേക്ഷിക്കാം

    Published

    on

    for-higher-education-sector-in-Kerala-storyhunters-in

    വിധവകളുടെ മക്കൾക്ക് ഉന്നത വിദ്യാഭ്യാസത്തിനുള്ള പടവുകൾ ധനസഹായ പദ്ധതിയിൽ 2023-24 വർഷത്തേക്ക് അപേക്ഷിക്കാം.

    സർക്കാർ-എയ്ഡഡ് സ്ഥാപനങ്ങളിൽ ട്യൂഷൻ ഫീസ്, ഹോസ്റ്റൽ ഫീസ്, മെസ് ഫീസ് എന്നിവയ്ക്കാണ് ധനസഹായം. ഡിസംബർ 31-നകം schemes.wcd.kerala.gov.inവഴി അപേക്ഷിക്കാം. ഐ.സി.ഡി.എസ്. ഓഫീസ്, അങ്കണവാടി എന്നിവടങ്ങളിൽ നിന്നും കൂടുതൽ വിവരങ്ങൾ ലഭിക്കും.

    Highlight : Apply for higher education funding in kerala. Last date 31-12-2023

    Source link

    Continue Reading

    Kerala

    തെരുവ് നാടകാവതരണങ്ങൾക്ക് രചനകൾ ക്ഷണിച്ചു

    Published

    on

    Street-play-drama-kerala-storyhunters.in

    നവംബർ 1 മുതൽ 7 വരെ തിരുവനന്തപുരത്ത് നടക്കുന്ന കേരളീയം 2023ന്റെ ഭാഗമായ 11 ജനകീയ വേദികളിലേക്ക് തെരുവ് നാടകങ്ങൾ അവതരിപ്പിക്കുന്നതിനുള്ള രചനകൾ ക്ഷണിച്ചു.

    30 മുതൽ 45 മിനുട്ട് വരെ ദൈർഘ്യമുള്ള നാടകങ്ങളാണ് അഭികാമ്യം. സാമൂഹികപ്രതിബദ്ധതയുള്ള സമകാലീനവിഷയങ്ങൾ കേന്ദ്രീകരിച്ചുള്ള നാടകരചനകളാണ് പരിഗണിക്കുക. തിരഞ്ഞെടുക്കപ്പെടുന്ന സംഘങ്ങൾക്ക് അവതരണത്തിനുള്ള വേദികളും പ്രതിഫലവും നൽകും. രചനകൾ ഒക്ടോബർ 22 നകം

    keraleeyam23@gmail.com-ൽ ലഭിക്കണം.

    Content Highlight : Kerala Entries invited for street drama plays

    Source link

    Continue Reading

    Trending

        Copyright © 2023 Storyhunters.in