GST being a destination based tax on consumption of goods and services have a major impact on logistics sectors. Logistics industry comprising 60% of transportation and rest 40% of warehouses, freight, forwardings etc. will be effectively and efficiently enhanced with introduction of GST.
GST is the biggest tax reform since independence which will affect how companies administer their business.In GST regime, scene can be different as almost every predictable impact of GST on chemical industries looks positive.
The GST Council, the apex decision making body for new tax regime has decided the rates of tax on goods to be applicable on 18-05-17 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods.
The Goods and Services Tax Network (GSTN) is a non-profit, public private partnership company. Its primary purpose is to provide IT infrastructure and services to central and state governments, taxpayers and other stakeholders, thereby facilitating the implementation of the Goods and Services Tax (GST).GSTN is called the backbone of GST.
Anti-Profiteering means making unreasonable profits. In GST a clause of anti-profiteering has been introduced by the government to protect the consumers from profiteering by the traders.