FM has made efforts to simplify tax structure

Shankar Shinde, Chairman, FFFAI

The Union Budget is a growth-oriented budget whose main thrust is on capital expenditure and increasing the manufacturing base in the country. For the logistics sector, this is going to be one of the important milestones, as this sector supports and improves the efficiency of endeavours such as Atmanirbhar Bharat, Make in India, and Digital India, among others. The PM Gati Shakti will be driven by seven engines, including roads, railways, airports, ports, mass transport, waterways, and logistics infrastructure, which will be game changers for years to come in the country. The formulation of an expressway masterplan will benefit in increasing logistics speed and lowering logistics costs.

Another important announcement, which is eagerly followed by the logistics sector, is pertaining to the Unified Logistics Interface Platform, which allows data exchange among all mode operators. A multimodal logistics park through public-private partnerships, as well as the promotion of local businesses, will be established. One Station, One Product will help small MSMEs and small exporters considerably. Infusing `20,000 crore into road infrastructure and building 100 cargo terminals in three years will go a long way in the logistics industry.The emergency credit line guarantee for MSMEs, which has been extended up to March 2023, will help enterprises considerably. On the customs side, a one-of-a-kind landmark exercise has been carried out for simplification, and 350 exemptions have been withdrawn. Thrust has been laid to simplify custom tariff structures to create transparency for trade and industry.The simplification of IGCR rules will impact domestic manufacturing and make Indian products more

For the logistics sector, the budget is going to be one of the important milestones, as this sector supports and improves the efficiency of endeavours such as Atmanirbhar Bharat, Make in India, and Digital India

competitive in the international market. On the GST front, the rationalisation of the return filing procedure and the sequential filing of GSTR1 allowing the transfer of input tax credit in the electronic cash ledger for certain categories are two highlights that will benefit trade and industry.

Most importantly, AI is being used to increase GST revenue. FFFAI is in constant dialogue with CBIC to ensure that the endeavours of the Government of India are implemented in the most efficient manner for timely customs clearance and the movement of goods internationally and nationally.