The GST Council meeting on 11th June took some significant steps to rationalize the GST rates for the food products. The Food Processing industry welcomes this step and would like to thank the Hon’ble Finance Minister, Mr Arun Jaitley and the Hon’ble Minister for Food Processing Industries, Ms Harsimrat Kaur Badal.
The Food Processing Industry provides safe and nutritious food for the common man, while ensuring value and benefit to the farmers for their produce, said Mr Suresh Narayanan, Chairman, CII National Committee on Food Processing Industries, and Chairman and Managing Director, Nestle India Limited.
It is noteworthy, that India is an agricultural country with more than half of the Indian population depending on agriculture. The development of food processing helps agricultural growth in the country, in addition to creating employment.
Mr Piruz Khambattta, Immediate Past Chairman, CII National Committee on Food Processing Industries, and Chairman and Managing Director, Rasna, shared that CII has always been advocating with the GST Council that fitment of rates of items in the food segment should be done in a manner that it would not increase inflation and it would be done on the principle that GST rate would be more or less at par with current indirect tax regime. In the present environment processed food is a necessity and not a luxury for the common man, he added.
The CII National Committee on Food Processing Industries would like to reiterate its support for Government of India in its efforts to introduce the much awaited taxation reform in India ??? the Goods and Service Tax (GST).
