Agri input makers seek tax exemption on R&D expenses; cut in GST, customs duty on agrochemicals.

 

CropLife India, an association of 16 R&D crop science companies, has suggested uniform basic customs duty of 10 per cent for both technical raw materials and formulation.

Agri input makers are looking forward to tax exemption on their R&D expenses and a cut in GST and basic customs duty for agrochemicals in the upcoming Union Budget.

“As India is likely to become the most populous country this year, and has ambitions to be a major food supplier to the world, the need of the hour is to ensure higher productivity with minimal environmental impact. The investment made in agricultural research and development (R&D) pays back many times over in the form of increased production or mitigated losses, as well as higher incomes for farmers.