GST has been labelled as ‘one tax one nation’ thereby meaning that India becomes one market. This would result in businesses to re-look at their supply chain, warehousing and depots. GST presents an opportunity for industry players to consolidate their warehouses and set up larger facilities, which will bring in supply chain efficiencies.
The implementation of Goods and Service Tax (GST) will be the biggest indirect tax reform the country will undergo. Over the past year, the government has indicated its commitment to bring in GST. This is evident from the constitutional amendment bill being passed at both the houses of parliament. Now 50% of the states have to ratify this GST constitutional amendment bill – Assam has already done it and government has indicated that within a month the others will also ratify. The draft Model GST law was put in public domain in June 2016 for comments.On the IT infrastructure, it is understood that Central Board of Excise and Customs (CBEC), GST Network and states IT back end will be ready by Nov 2016. India finally seems to be on the cusp of implementing this much awaited tax regime.
In the light of the above developments, the freight industry would now need to analyse the provisions of the draft law in detail and its impact on their business. This is essential to ensure that timely representations are made to the government, as well as to identify key implementation requirements as part of the preparations for transition from the existing Indirect Tax regime to the GST regime.
Bu hikaye Indian Transport & Logistics News dergisinin Sept - Oct 2016 sayısından alınmıştır.
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Bu hikaye Indian Transport & Logistics News dergisinin Sept - Oct 2016 sayısından alınmıştır.
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