New Delhi: The Indian Vegetable Oil Producers’ Association (IVPA) has welcomed the GST reforms announced today, describing them as “next-generation” measures that will rationalize tax rates, improve the quality of life for citizens including farmers, and enhance ease of doing business.
In a statement to Ziraat Times, IVPA said the reforms come at a crucial time when geo-political uncertainties threaten to slow India’s growth momentum. “This move assumes importance as it will provide the much-needed fillip to the Indian economy through increased consumption, savings and investment,” the association noted.
While appreciating the steps taken by the GST Council, IVPA also reiterated its demand for addressing the inverted duty structure on edible oils. “We are extremely hopeful that the Government will support the domestic industry and the MSME ecosystem, and allow refund of the accumulated tax credits,” the association added.
Industry observers say that a resolution of the inverted duty structure could provide significant relief to India’s edible oil processors, improve competitiveness, and support millions of livelihoods linked to the sector.
