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Simplified taxes across industries to stimulate growth in the Logistics sector
The rate rationalization represents a transformative leap towards the blueprint of a ‘simple’ Goods & Services Tax (GST). The promise of domestic buoyancy in consumption is expected to have a corresponding domino effect on the logistics sector. While the rationalization creates a much sought-after equal footing for all types of road transportation service providers, the shift of services previously classified under the 12% GST rate may require businesses to evaluate the better rate option for the best GST outcome. Some aspects that businesses need to consider include the levels of capital investment in vehicles, the industry composition of clients, and several other such factors.