According to 2013 India Food Service Report, the size of all Indian food industry is 2,47,680 crore and is estimated to grow to 4,08,040 by 2018 at a rate of 11%. It’s a huge industry which is adding up a lot to our economy.
But what is the impact of GST (goods and services tax) on this huge industry?
On 1st July 2017, Government of India introduced a new tax system called Goods and Services tax (GST). This new tax system has affected each and every business including the food business.
Many businesses are taking advantage of this new tax system to dupe their customers. As many customers are not aware of the exact tax rates, sellers are trying to extract more money in the name of GST.
Let’s find out the exact GST rates on food and restaurant businesses so that you can’t be duped from next time.
The above charts will give you a thorough knowledge about our new tax system(GST) on food and food services.
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