GST will enhance competitiveness of Indian edible oils in domestic, international markets: SEA
The Solvent Extractors’ Association of India (SEA) said the recent GST rate revision will boost the competitiveness of Indian edible oils and meals. SEA President Sanjeev Asthana noted that simplifying the GST structure and reducing rates, including a 5% rate on key byproducts, will ease working capital pressures, improve affordability, and support domestic and export markets.
The Solvent Extractors’ Association of India (SEA) has said that the revision in GST rates will enhance the competitiveness of Indian edible oils and meals in both domestic and international markets.
In his monthly letter to the members of SEA on Monday, Sanjeev Asthana, SEA President, said the government has addressed a long-standing demand of the industry by simplifying the GST structure and rationalizing rates, including a reduction to 5 per cent on key byproducts of vegetable oils and oilseeds.
“This forward-looking step will ease working capital pressure, improve affordability for consumers, boost consumption, and enhance the competitiveness of Indian edible oils and meals in both domestic and international markets,” he said.
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Source : The Hindu Business line
