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GST Waiver On Saffron Industry

GST Waiver On Saffron Industry

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Rameez Makhdoomi                                          GST

The Legitimate Desk: The mesmerizing valley of Kashmir is famous world over for its splendid beauty and diverse resources in shape of valuable flora and fauna. It is also a proud fact that the valley of Kashmir is also known for growing the most rare and costliest spices of the world. The precious and valuable spice-Saffron certainly tops the list.

As Kashmir is among the only three places on planet earth growing this spice. Saffron (pronounced /ˈsæfrən/) is a spice derived from the flower of the saffron crocus (Crocus sativus), a species of crocus in the Iridaceae used in cooking as a seasoning and colouring agent Saffron, the world’s most expensive spice by weight is native to Southwest Asia Saffron fields.

Saffron Spice production over the past few years has shown continuous decline owing to constructions on saffron fields, lack of quality irrigation facilities, weather vagaries.

Considering the poor health of Saffron sector in Kashmir many traders are calling to wave off the   5 percent GST on SAFFRON SPICE. As a matter of fact, GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017.

The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.

Mujeeb Nazir Mir, a saffron trader, while talking to The Legitimate over the issue stated:” Over the past few years we have witnessed the saffron from Iran eating considerable amount of market of Kashmiri Saffron.

Nothing beats saffron from Kashmir in terms of quality and unfortunately to the host of factors saffron production has dwindled much.

We are already under great stress. The General Sales Tax of Five percent imposed on saffron should be lifted considering our growing worries and it being the precious spice.

We hope that steps that improve condition of saffron traders and farmers are taken by those who are at helm of affairs. “

Undoubtedly with fears and setbacks on mind the saffron businessmen are seeking a breather in shape of GST Waiver.

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