Tractors and Farm Equipment Ltd today welcomed the reduction of Goods and Services Tax on tractor components, saying it would be a great relief to the members of farming community.
"The reduction of GST from the earlier announcement of 28 per cent on tractor parts and components to 18 per cent will be a great relief to the hard pressed farming community," Tractors and Farm Equipments' (TAFE) Chairman Mallika Srinivasan said in a statement here.
The Tractor Manufacturers Association thanked Union Finance Minister Arun Jaitley, Revenue Secretary Hasmukh Adya for reducing GST on exclusive tractor components and parts.
"This reduction (of GST on exclusive tractor components) will go a long way in making small and medium farmers profitablem," the Asociation Immediate Past President, T R Kesavan said.
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