Is there any tax on fish farming in India?

It is clearly stated that the element of agriculture is Land whereas the element of fish farming is water , therefore cultivation of fish does not come under the ambit of agriculture. Therefore the income arising out of fish farming is taxed as Income from Business.

Is income from aquaculture taxable in India?

28 August 2011 The Income from Aquaculture is taxable. Provisions of Section 28(i) makes taxable to it. Provisions from Section 28 to 43C, as like other business, will apply to it. You can show the income U/s 44AD on presumptive basis also, when the sales or gross receipts from such business, is less than 60.00 lacs.

How much tax do farmers pay in India?

No, only agriculture income from land situated in India is exempt from tax.

Is GST applicable on fish farming?

The GST Council has decided to exempt all fish, crustaceans, molluscs & other aquatic invertebrates in live, fresh or unprocessed form from GST in India. Hence, GST is not applicable to the following types of fish and seafood products: Fish seeds, prawn/shrimp seeds whether or not processed, cured or in a frozen state.

Is fish farming a profitable business in India?

INDIA – Tilapia farming is highly profitable, and tilapia farming in India is growing day by day. The poverty- stricken and protein-deficient population in the country can find an income source and maintain healthy life as well from fish farming.

Is GST applicable on fish?

Fish, crustaceans, molluscs & other aquatic invertebrates in processed, cured or frozen state are taxable at 5\% rate under GST: Fish, frozen, excluding fish fillets and other fish meat.

What is the investment for fish farming?

1.75 lacs by Investment of Rs. 25K Annually. On an average he earns Rs 1.75 lakh from it by incurring an annual expenditure of Rs 25,000 only.

How much agriculture is tax free?

If a farmer’s income is less than Rs. 5,000 or if the total income minus the agricultural income is less than the basic exemption limit which is Rs. 2.5 lakh for a person below the age of 60 years and Rs. 3 lakh for an individual aged 60 years and above, then the income generated will be exempted from being taxed.

What tax do farmers pay?

How Could the New Farm Laws Bring Agricultural Income Under the Tax Net? Farmers may have to pay 18\% GST on the income earned through corporate farming, which the new laws are expected to promote.

Is fresh fish GST-free?

The following foods are GST-free: baby food and infant formula (for children under 12 months of age) all meats for human consumption (except prepared meals or savoury snacks) fruit, vegetables, fish and soup (fresh, frozen, dried, canned or packaged)