GST waiver for net components will boost sea food exports, say Thoothukudi fishermen
The Hindu
Indian fishermen demand GST waiver on fishnet components to boost seafood exports worth 14 billion USD by 2025.
India is one of the world’s biggest seafood exporters and the target is to ship marine products worth 14 billion USD by 2025; but the taxation policies are not conducive for achieving this goal, according to the fishermen
THOOTHUKUDI
Owners of mechanised boats and fishermen feel let down by the Central government as the Finance Ministry has ignored their longstanding plea for giving waiver to components being used for making fishnets, including nylon twines, ropes and floats.
After the recent GST council meeting, Finance Minister Nirmala Sitharaman proposed to reduce the GST rate on electronic appliances, paint and varnish, storage water heaters, watches, X-ray films for medical use, curd and buttermilk, kitchenware and toilet articles, hair oil, soap, toothpaste, mobile phone, refrigerator and washing machine. Particularly, the 31.30% GST slapped on mobile phones, refrigerators and washing machines has been brought down to 18%.
However, the fishermen’s longstanding demand for GST waiver for components being used for making fishnets has gone unheard even though India is one of the world’s biggest seafood exporters and the seafood export is vital for the Indian economy.
Taxes being levied on fishnets and products being used for making fishing boats is not favourable for seafood export sector, the fishermen feel. India exported 1.30 million tonnes of marine products to southeast Asia, USA, Europe and the Middle East - all worth 8.66 billion USD in 2022 – 23, and shipped 1.70 million tonnes of seafood worth 7.38 billion USD in 2023 – 24 despite various challenges. Target has been set to take this to 14 billion USD by 2025.
But the taxation policies are not conducive for achieving this goal, the fishermen say. GST of 12% is slapped on twines being used for making fishnets, 12% for ropes connected to the fishnet, 18% for floats, rubber balls connected to the nets, fishnet basket and chains, and 5% on fishnet weight.
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