Mechanised boat owners and fishermen are disappointed with the Central government for not granting a waiver on components used for making fishnets, such as nylon twines, ropes, and floats. Despite being one of the largest seafood exporters in the world, India’s fishermen feel neglected as the recent GST rate reduction did not include their longstanding plea for waiver on fishnet components. The current taxation policies are not conducive for achieving the export target of 14 billion USD by 2025, as fishermen face GST rates of 12% on twines, 12% on ropes, 18% on floats, and 5% on fishnet weight. This has led to significant expenses for fishermen, with one kilogram of twine costing ₹400 and the total cost of making a fishnet ranging from ₹85,000 to ₹1 lakh.
Source A2ztaxcorp
Latest Posts in "India"
- Ahmedabad Customs Inspector Arrested for Alleged ₹2 Crore IGST Credit Fraud in Export Scam
- ISF Urges GST Cut, Women-Specific Tax Slab to Boost Formal, Inclusive Employment in India
- Punjab Software Engineer Arrested for Designing Fake GST Portal in Multi-State Tax Fraud Bust
- Supreme Court to Decide if Industrial Felt is ‘Fabric’ or ‘Machinery Part’ for VAT Purposes
- Supreme Court Rules: “Parts” Must Functionally Integrate into Machinery, Rejecting End-Use Claims
