Search Results for: logistics

Revenue department plans linking e-way bill with FASTag, logistics data bank to check GST evasion

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The revenue department is planning to integrate e-way bill with NHAI’s FASTag mechanism and DMICDC’s Logistics Data Bank (LDB) services, to facilitate faster movement of goods and check GST evasion. The proposal, according to officials, will improve operational efficiencies across the country’s logistics landscape. Currently, lack of harmonization under the ‘track and trace’ mechanism in terms of sharing information among different agencies is affecting the ease of doing business in the country. Besides, it is also impacting the logistic costs…

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GST, a game-changer reform for logistics sector

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It has been 15 months since the rollout of what is considered one of India’s biggest tax reforms — the Goods and Services Tax (GST). But, we are already witnessing a major positive transition in the logistics sector. Outsourcing and the value addition in the logistics sector is set to take off post-GST. Considering the double-digit growth, the logistics market would exceed $250 billion in the next two years. As per a recent survey, the Indian logistics sector provides livelihood…

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GST provided much-needed reform to the logistics sector

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The implementation of the goods and services tax (GST) ushered in much-needed reforms in India’s largely unorganised logistics and transport sector, and helped speed up movement of trucks, according to industry executives. Transporters and logistics players ET spoke to said the switch to GST led to at least 20% reduction in turnaround time of trucks after border checkposts were dismantled. Besides, they said, implementation of the e-way bill on consignments of Rs 50,000 and above was gradually freeing them from…

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Logistics Associations meet GST Working Group; seek exemption for Export-Import trade services

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In a bid to ensure the smooth implementation of GST, the Central Board of Excise and Customs (CBEC) on 24 March, 2017 constituted ‘GST Working Groups’ to interact with select industry sectors to address their concerns relating to GST implementation issues. Accordingly, the Government designated officers to address issues relating to certain identified sectors like transport & logistics, to submit their report by April 10, 2017. On April 4, Mr J. M. Kennedy, ADG, DGR, Working Group, Transport & Logistics-GST…

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GST Bill : Opportunities for Indian Logistics Industry

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India set a benchmark in providing the lower cost services irrespective of any specific field still India has higher logistics cost due to various issues and challenges faced by the industry. India is involved in complex tax structure, the industry is also affected by poor rate of customs efficiency of clearance processes and procedures thus affecting the international export logistics stratum. however, insignificant comfort provided by the existing Indian infrastructure combined with lack of implementation of efficient IT-enabled tracking and…

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Impact of proposed GST on Indian Logistics Industry

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Overview of Indian Logistic Industry: The Indian logistic industry is expected to grow steadily, led by e-commerce penetration, economy revival, proposed GST implementation and government initiatives like “Make in India”, National Integrated Logistic Policy, 100% FDI in warehouses, food storage facilities, etc. Transportation alone holds 60% share of the logistic industry and rest 40% is contributed by warehousing, freight forwarding, value-added logistics, etc. Furthermore, with respect to India’s GDP growth the logistics industry is expected to grow at 1-1.5x as…

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GST boost for logistics

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April 1, 2017, marks the beginning of the new financial year (FY) 2017-18. In many ways, FY 2017-18 is going to be a landmark one. First, this would the first FY when the budgetary outlays are available for expenditure right from the onset. This was made possible by preponing the Union Budget and realigning Parliament sessions to facilitate early passage of the Finance Bill 2017. Second, after decades of work in progress, Goods and Services Tax (GST) is finally expected…

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GST Impact On The Logistics Industry

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India set a benchmark in providing the lower cost services irrespective of any specific field still India has higher logistics cost due to various issues and challenges faced by the industry. India is involved in complex tax structure, the industry is also affected by poor rate of customs efficiency of clearance processes and procedures thus affecting the international export logistics stratum. however, insignificant comfort provided by the existing Indian infrastructure combined with lack of implementation of efficient IT-enabled tracking and…

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GST to reduce documentation for logistics firms: CBRE

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The Goods and Services Tax (GST) is likely to result in a reduction of documentation for logistics companies, helping them improve their turnaround time and client outreach. The removal of various federal tax barriers and creation of a common market will also improve supply chain efficiency and attract more foreign direct investment (FDI). Stipulations in the proposed law are expected to result in better tax conformity, while removing the cascading effects of the current tax regime. “The GST will make…

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Courier companies seek relief on GST E-way bill rule

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Courier companies such as FedEx, DHL and UPS are in a bind over delivering imported goods to customers because of a goods and services tax rule that bars defaulters from issuing e-waybills. The document is mandatory for transport of goods worth over Rs 50,000. On the other hand, the customs department won’t hold such goods in its storage once they’re cleared. The companies, including local ones such as DTDC, Safe Express, Gati and Delhivery, have petitioned the government to seek a…

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