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  • Cashew growers hail rate reduction

    Jun 24th, 2017

    The Goa Cashew Manufacturers’ Association (GCMA) President Madhav Sahkari, who is also the Goa Dairy chairman, on Friday thanked the Centre and the GST Council for considering its representation and providing major relief by reducing rates on raw cashew nuts. The prices will come down from Rs 12 to Rs 5.He thanked GST Council for reducing the rate of value added products like roasted, salted and flavoured cashew from 18 to 12 per cent. He also thanked CM Manohar Parrikar for taking up their cause.

    He said from July 1, GST will be implemented and prior to that this reduction in GST in raw and also in value added tax will directly benefit farmers, processors, manufacturers.Initially, the cashew industry was deeply concerned when GST rate was announced at 12 per cent for cashew nut and cashew kernels and 18 percent for its value added products as it is high value product and could result in huge drop in its consumption on account of these high taxes.

    This reduction will benefit farmers directly as it will make the cultivation of cashew highly viable. He said because of this, our dependence on imported raw cashew will reduce substantially and we will be able to save forex. He further said Goa is a famous tourist destination and also known for high quality cashew and an increase in GST rates would have made this nutritious nut more expensive and out of reach for the Goans.