GST will transform courier industry: Jayant Sinha


New Delhi, June 8 (IANS): The proposed Goods and Services Tax (GST) Bill will be a game changer for India's express and courier industry, Minister of State for Finance Jayant Sinha said on Monday, listing GST as one of the "vectors" transforming the country's logistics sector.

"GST will change the supply chain...long lines on inter-state borders are going to go away," Sinha said at a conference here on e-commerce organised by the Express Industry Council of India that also discussed the proposed reform of India's indirect tax regime.

In reply to a question on the timeline for roll-out of the GST, he said: "The government is working with the April 2016 timeline."

The GST Bill was last month sent to a select committee of the Rajya Sabha, which will table its report in the upper house on the last day of the first week of next parliament session.

GST is seen as the key to facilitating industrial growth and improving the country's business climate. By subsuming most indirect taxes levied by the central and state governments such as excise duty, service tax, VAT and sales tax, the new regime proposes to facilitate a common market across the country, leading to economies of scale and reducing inflation through an efficient supply chain.

The passage of the bill to become a law is a lengthy process.

Being a constitution amendment bill, which was passed by the Lok Sabha, it needs to be passed by the Rajya Sabha with a two-thirds majority and then ratified by at least 15 state legislatures before being sent for the president's assent.

 

  

Top Stories


Leave a Comment

Title: GST will transform courier industry: Jayant Sinha



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.