India's Bio-pesticide Sector Enters a New Era: Tax Cuts Propel Green Agriculture
In a landmark move to steer Indian agriculture towards a more sustainable and ecologically friendly future, the Indian government recently announced a significant reduction in the Goods and Services Tax (GST) rate for bio-pesticides. According to a recent notification from the Central Board of Indirect Taxes and Customs (CBIC), the GST rate for a range of key biological plant protection products has been dramatically cut from the original 12% to 5%. The profound significance of this initiative lies in its potential to strongly encourage farmers to adopt environmentally friendly pesticide alternatives, thereby gradually reducing their reliance on conventional chemical pesticides.