A Study of the Origin of the Earth
Keywords:
Speculation, agriculture sector, farm mechanization, GST.Abstract
This survey based research is related to the speculations of the farmers of district Mathura-UP : about present tax regime under GST. The newly implemented indirect tax regime is influencing the agriculture industry and farmers. GST was a long-awaited tax reform since Independence, that was passed by both houses of Parliament including Lok Sabha and Rajya Sabha and came into effect from 1st July 2017 across India The GST Council has announced the 5 percent GST rates on agricultural products. The high rate of GST on farm machinery, including threshers, rotavators, laser levellers etc and agriculture implements, is likely to hit manufacturers and the farmers. At present, there is no excise duty and also no VAT on farm machines and implements in most of the states. Almost every farmer in the country use farm machinery and equipment either by taking it on rent or by purchasing, so the increase in prices of implements will increase their input cost. This will put an extra burden on farmers as manufacturers would be compelled to increase the prices. Thus, the imposition of taxes will act as a stumbling block in farm mechanization, which will hit farmers and ultimately affect the productivity. The move by the Central government to impose 12 % duty on farm machinery agricultural farm machinery (harvester equipment, tractor farm equipment, combine harvesters and tractors) will hit the industry hard as it will push the prices of the finished product, putting an extra burden on the farming community. The farmers were expecting the government to fix a GST rate of 5% which would have reduced the burden on farmers but that did not happen. The Farmers of District Mathura (UP), are disappointed by the taxation under GST. As they were expecting relaxation on agricultural products and equipments. The present GST rates/taxation policies for agriculture sector are being considered against farmer welfare, by the farmers of the district.
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