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Cashew industry buoyed by rollback of GST
Price of cashew largely remained unaffected with the GST council’s decision to reduce tax from the proposed 12 to 5 per cent. Owners of cashew processing units are buoyed with the decision and termed that it would boost the ailing cashew industry.
Srikakulam: Price of cashew largely remained unaffected with the GST council’s decision to reduce tax from the proposed 12 to 5 per cent. Owners of cashew processing units are buoyed with the decision and termed that it would boost the ailing cashew industry.
Price remains largely unaffected
Cashew manufacturers are paying 5 per cent value added tax (VAT) in all states except Bihar and Jharkhand, where VAT is 14 percent. With GST Council proposing 12 per cent tax all cashew manufacturers across the nation went on agitation path and sent repeated representations to respective state finance ministers, Chief Ministers, besides Union finance minister, Arun Jaitley.
The council considered their plea on Sunday. Palasa in Srikakulam district is famous for cashew processing and cultivation. It is being cultivated in more than two lakh acres in 12 mandals. About 430 cashew manufacturing units are running in Palasa, Mandasa and Meliaputti mandals, where cashew is processed from raw nuts and about 22,000 workers are depending on it.
With the GST council’s decision cost of the cashew nuts is not affected. At present price for 80 KGs cashew nuts is Rs 12,000 to Rs 12,500 “Cashew industry is facing crisis due to power bills, labour wages, lack of sufficient raw nuts at this juncture GST council considered our pleas to protect the industry without enhancing existing tax rate,” Palasa cashew manufacturers association (PCMA) president, Malla Srinivasa Rao told The Hans India.
“Reduction of GST from the proposed 12 to 5 per cent will help to both cashew farmers and customers,” said cashew processing units’ workers union secretary Ambati Krishna Murthy.
