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It has been more than a decade that we all are waiting so desperately for this significant tax reform since independence. As we all know India is a federal country where multiple states Govt. works along with one union Govt. called central Govt.
Our constitution is drafted in such a way where both the Govt. got powers to levy tax without encroaching each other. In our existing system the union Govt. levy excise duty, service tax and custom duty whereas state Govt. levy value added tax, central sales tax, entry tax, entertainment tax and luxury tax and so on.
Looking at the multiplicity of taxes at each level a single uniform tax is envisaged in the form of GST which will be common across the country for goods as well as services. The most fascinating thing about this tax is that it will subsume most of the existing indirect taxes and will known with a name GST.
Glimpse of various sub sector under logistics industry:
Road transport sector in India:
If we analyze Indian logistic sector almost 60% of that consisted by transport sector and out of transport sector 36% is occupied by road transport mainly. Road transport is most suffered industry of existing taxation system where resources remains unutilized due to various road permits, entry tax, inspection of documents etc. The proposed GST will cut short the time taken to deliver goods, saving of fuel, saving of additional expenses at check posts due to corruption etc. In this article all the possible opportunities, actions plans to be taken and representation to Govt. authorities on various issues are discussed.
Impact on taxation part:
As of now this sector is paying service tax under both reverse charge and forward charges and the effective tax rate after abatement comes to 4.5% subject to condition that ITC is not available on all input and input services. This is because HSD is key input for this sector and it is not creditable at all therefore abetment is kept to minimize tax burden.
In the proposed GST regime initially HSD is not part of GST hence again it will be non creditable unless it is included under GST. The rate of tax on goods and services will be same accordingly as suggested by CEA rate of tax on services may be more than 15%. Overall in our view the rate of tax on services should not be more than existing level and abatement for non inclusion of high speed diesel must be available otherwise taxation burden on industry may shoot up significantly.
