{"id":35324,"date":"2018-10-31T16:25:44","date_gmt":"2018-10-31T10:55:44","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=35324"},"modified":"2018-10-31T16:25:44","modified_gmt":"2018-10-31T10:55:44","slug":"moving-to-the-faster-lane","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/moving-to-the-faster-lane\/","title":{"rendered":"Moving to the faster lane:\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/moving-to-the-faster-lane\/article19617073.ece\"><span style=\"font-weight: 400;\">Moving to the faster lane<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<p><strong>Context:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The introduction of GST tax reforms will have the most far-reaching ramifications in the growth of the logistics sector in India.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">GST reform is certain to catalyse conformity in every part of the business chain and to expand the tax base in a transparent and efficient manner<\/span><\/li>\n<\/ul>\n<p><strong>Supply chain evolution<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">From a macroeconomic perspective, a commonly used metric to assess global economies in terms of supply chain efficiency is the \u2018logistics costs as a percentage of national GDP.\u2019<\/span><\/li>\n<li><span style=\"font-weight: 400;\">This percentage for India is as high as 14% compared with 8% in developed nations.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Compared with global economies, India has some of the cheapest transportation and warehousing costs.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">India\u2019s inventory carrying costs and losses(from food wastage), is the highest in the world.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The high inventory carrying costs are due to modest physical infrastructure, inadequacy of technology adoption and complicated tax structure.<\/span><\/li>\n<\/ul>\n<p><strong>Impact of GST :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">There are facets of our industry where the GST is undeniably expected to impact.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Interstate movement of goods has become easier with reduced procedures and restrictions at state borders.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Dismantling of check posts at state borders on July 1 has remarkably reduced transit times by about 18% for organised players as average truck speeds have increased.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">In the long term, GST offers a unique opportunity for customer organisations to eliminate inherent inefficiencies in the location, movement and inventory holding of goods.<\/span><\/li>\n<\/ul>\n<p><strong>Logistics industry:<\/strong><\/p>\n<p><strong>The logistics industry supports goods movement for numerous end-user verticals.<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The state governments have begun issuing interim transit rules, requiring logistics players to quickly adapt for efficient movement of goods.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The initial draft e-Way bill Rules needed to recognise the process involved in time-sensitive multi-modal transportation.<\/span><\/li>\n<\/ul>\n<p><strong>Conclusion:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Complemented by this encouraging environment, GST is expected to help unlock much-needed efficiencies I n the way domestic businesses operate today Shifting gears and moving on to a faster lane is a matter of time for the logistics industry.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moving to the faster lane:\u00a0 Context: The introduction of GST tax reforms will have the most far-reaching ramifications in the growth of the logistics sector in India. GST reform is certain to catalyse conformity in every part of the business chain and to expand the tax base in a transparent and efficient manner Supply chain&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/moving-to-the-faster-lane\/\">Continue reading <span class=\"screen-reader-text\">Moving to the faster lane:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-35324","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704711335},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=35324"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35324\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=35324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=35324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=35324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}