&imwidth=800&imheight=600&format=webp&quality=medium "Goods and Services Tax reforms: How cheaper will tractors get? Minister reveals")
The Goods and Services Tax (GST) reforms will take effect on September 22. The central government has removed the 12 per cent and 28 per cent GST slabs and moved the items in these categories to the 5 per cent and 18 per cent slabs, lowering the tax on a majority of these goods and services. The GST reform will also boost the agriculturecenter. Here's how.
Agriculture Minister Shivraj Singh Chouhan on Friday held a meeting with farm equipment manufacturers and urged them topass the benefits of reduced GST to farmers.
GST rates on agricultural machinery have been decreased from 18 per cent and 12 per cent to 5 per cent. It is expected to help farmers who want to buy this equipment.
"The GST rates on agricultural machinery, which were earlier 18% and 12%, have now been reduced to 5%, and these significantly reduced rates will come into effect from 22nd September. This reduction will directly benefit the farmers," Chouhan said.
How much will tractor prices be reduced with GST reforms?
The minister said that the prices of tractors will come down with the implementation of the GST reforms.
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He said that the prices of a35 HP tractor will come down by Rs 41,000, and for a 45 HP tractor, the reduction will be Rs 45,000. Similarly, for a 50 HP tractor, the benefit will be Rs 53,000, and for a 75 HP tractor, the reduction is Rs 63,000.
The minister said that the prices of smaller tractors will come down by Rs 3000.
So, from the smallest to the largest tractors, the benefit ranges from Rs 3,000 to Rs 63,000.
Machines like rice transplanters will be Rs 15,400 cheaper, Threshers (4-ton/hour capacity) will be Rs 14,000 cheaper, while Power weeders (7.5 HP) will be Rs 5,495 cheaper.
The minister said that companies and their dealers must pass the price benefit.
He said these machines will be sold at the Custom Hiring Centre at reduced prices.
"The Prime Minister's focus has been on technology and promoting mechanization in agriculture, and it is likely because of this focus that in the last decade, agricultural production has increased significantly. So can it be said that this has been the main focus, especially with GST reductions, to accelerate mechanisation?" he added.