GST AND ITS IMPACT ON PACKAGED FOOD BUSINESS

Abstract

This paper deals with the impact of GST on packaged food business. Packaged food means the food which is ready to eat and which do not require any preparation or require little bit of preparation. In Kerala, packaged food business is a growing business and its growth is tremendous. The growing awareness of western lifestyle, urbanisation, nuclear family, increasing disposable income and more women joining the workforce increased the importance of packaged food business in Kerala. Most of the consumers depends on online food delivery services. For reducing the cascading effect on the cost of goods and services, a single taxation system was introduced in India on 1st July 2017. Goods and Service Tax was introduced to reduce the number of indirect taxes and unify the tax structure of the Indian market. The present study is theoretical in nature and tries to find out GST and its impact for the consumers, owners and the overall industry.The article discusses the importance of taxation in the package food business and how the new tax system has affected it.