GST In Logistics: A Game Changer:
Logistics expense determines the final cost of any product and it pinches the end-user’s pocket often. GST which is labelled as a game changer – perhaps India’s most significant tax reform in decades will have wide repercussions for the logistics sector.
With the introduction of Goods and Services Tax (GST), it will be a game-changer for the logistics industry. Currently, all states within the country tax goods that are transported across borders at different rates. The state authorities examine the goods and levy appropriate duty on the freight causing delay in deliveries. As a result of this, a lot of transportation is lost in the transit.
GST will be a single tax on manufacture, sale, and consumption of goods and services throughout India. The purpose behind this move is to have one indirect tax for India which will make the country a unified common market. GST will be collected at every stage of sale or purchase of goods or services, based on input tax credit method. This simplification of the taxation system would make the inter-state transportation of goods more efficient (read more)
Arun Jaitley introduces bill to amend customs, excise acts in LS : PTI
Finance Minister Arun Jaitley today introduced a bill in Lok Sabha to amend the customs and excise acts to make them compliant with the new GST regime.
The amendment seeks to include ‘warehouse’ in the definition of customs area to ensure that an importer is not asked to pay Integrated Goods and Services Tax (IGST) at the time of removal of goods from a customs station to a warehouse.“The proposed bill also seeks to abolish the cess levied on water consumed by certain industries and by local authorities under the Water (prevention and Control of Pollution) Cess Act, 1977,” the statement of objects and reasons for the Bill stated (read more)
PM Narendra Modi to inaugurate Chenani-Nashri tunnel in Jammu and Kashmir today :
IndiaToday.in | Posted by Ganesh Kumar Radha Udayakumar
New Delhi, April 2, 2017 | UPDATED 09:12 IST
The Chenani-Nashri Tunnel, built in a record four years, will reduce travel time between Jammu and Srinagar by at least two hours. Prime Minister Narendra Modi will inaugurate Asia’s longest bi-directional road tunnel, the Chenani-Nashri Tunnel, on the Jammu-Srinagar Highway today.
The tunnel, built in a record four years, will reduce travel time between Jammu and Srinagar by at least two hours. Prime Minister Modi is scheduled to arrive in Udhampur at 2:15 pm, and will inaugurate the tunnel at 3 pm. Later, Modi, Jammu and Kashmir Chief Minister Mehbooba Mufti, and ministers Jitendra Singh and Nitin Gadkari will address a gathering in Battal (read more)
There is a Good and Bad Side of GST, Says Shell India Chief :
Post the opening of a new major technology hub in Bangalore, Netherlands-based Royal Dutch Shell Plc’s India Chief Nitin Prasad has a new set of responsibilities on his shoulders. Seven months into the job, Prasad has new objectives around Goods Services Tax, an emerging technology around garbage conversion into fuel and expansion in India.
In a brief chat with Entrepreneur, Prasad spoke about what made him take up this new role so early in life and how he plans to expand Shell’s network in India.There is a lot of ambiguity around the inclusion of the petroleum under the GST bill. Prasad said that there is a good and a bad side of GST when it comes to Shell India. “There are certain businesses that have a very large distribution network (read more)