GST and its impact in agricultural and fishery products

Abstract

Indian fisheries and aquaculture is an important sector of food production, providing nutritional security to the food basket, contributing to the agricultural exports and engaging about fourteen million people in different activities. India is the second largest fish producing country in the world with the production of 11.41 million metric tons. 6.3% of the global fish production, the sector contributes to 1.1% of the GDP and 5.15% of the agricultural GDP. Fish and fish products have presently emerged as the largest group in agricultural exports of India, with 10.51 lakh tonnes in terms of quantity and Rs.33,442 crores in value. This sector generates employment to 14 million people. This accounts for around 10% of the total exports of the country and nearly 20% of the agricultural exports. Introduction of the GST in India isgoing to change the entire commercial tax scenario prevailing in theagricultural as well as fishing sector.