New Delhi: India’s fisheries and aquaculture sector, one of the fastest-growing in the world, has become a key contributor to food security, rural livelihoods, and exports. Supporting over 3 crore people, the sector has positioned India as the world’s second-largest fish producer with an output of nearly 195 lakh tonnes in 2024-25.
India also leads as the largest shrimp exporter, with seafood exports exceeding Rs 60,000 crore in 2023-24.
Prime Minister Narendra Modi recently reiterated the government’s commitment to simplifying taxation and making GST a “Good and Simple Tax.” He said the next wave of GST reforms, set to roll out before Diwali, will reduce taxes on daily-use items, ease compliance for small businesses, and drive economic growth.
In line with this vision, the 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, approved several rate reductions directly benefiting fisheries and aquaculture. GST on fish oils, extracts, and prepared or preserved fish and shrimp has been cut from 12 per cent to 5 per cent, lowering consumer prices and boosting export competitiveness.
Key aquaculture inputs—diesel engines, pumps, aerators, sprinklers, ammonia, and micronutrients—will now attract only 5 per cent GST, down from 12–18 per cent, significantly reducing farm-level costs.
Fishing gear such as rods, nets, and tackle has also been brought under the 5 per cent slab, supporting both small-scale and recreational fishing.
Processing units will benefit as GST on job work services in food and agro-processing, including seafood, has been slashed to 5 per cent. Composting machines essential for eco-friendly pond management also face a reduced levy of 5 per cent.
Effective from September 22, 2025, these reforms are expected to ease financial burdens for fish farmers, cooperatives, and women’s groups, strengthening India’s Blue Economy and advancing the vision of a Viksit Bharat.