the combined effect of gst and fastag on trade n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
The combined effect of GST and FASTag on Trade in India PowerPoint Presentation
Download Presentation
The combined effect of GST and FASTag on Trade in India

Loading in 2 Seconds...

play fullscreen
1 / 1

The combined effect of GST and FASTag on Trade in India - PowerPoint PPT Presentation


  • 8 Views
  • Uploaded on

The Goods and Services Tax (GST) introduced by the GOI which came in effect from July 1, 2017, is changing the way trade is being conducted across India. Now, FAStag Toll collection has joined the race of cutting trade cost and travel time. The GST and FASTag are transforming the trade in India. \n

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'The combined effect of GST and FASTag on Trade in India' - sahilbakshi


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
the combined effect of gst and fastag on trade

The combined effect of GST and FASTag on Trade in India

India is poised to become a leading market in the world because of its advantages that are

composed of many factors like demographics, the purchasing power of populace, and so on. The

role of government in this scenario should be of regulator and facilitator. To make things occur

in favour of traders and businesses, the Government of India (GoI) has been coming up with

landmark legislation and problem-solving processes. Among them, Goods and Service Tax

(GST) and FASTag can be considered as the game-changers without a doubt.

Almost every government department is aiding to this momentum through their innovations and

services. The onus of facilitating a seamless movement of goods is on the Ministry of Road

Transport and Highways along with its allied wings like National Highways Authority of India

(NHAI) and Indian Highways Management Company Limited (IHMCL). According to reports,

the National Highways carry 40% of trade in the country, although they constitute only 1.7% of

the Indian road network. To facilitate a smooth trade, the MoRTH and NHAI are leveraging

technology in the best possible way. The National Highways Authority of India (NHAI), which

is entrusted with the development and maintenance of National Highways in India, has been

upfront in assimilating technology into processes.

The recent addition to the NHAI’s list of innovations is FASTag, which operates on Radio

Frequency Identification (RFID) technology. FASTag, which is developed by the National

Highways Authority of India (NHAI) with its technology partners, also referred as Electronic

Toll Collection (ETC) is also aimed to cut the transport time, costs, and to reduce congestion at

National Highway Toll Plazas. Recently, the FAStags reached the one million Mark, hinting at a

positive prospect.

The landmark GST act which is in force from July 1, 2016, is transforming the way trade is

happening within the boundaries of India. The GST subsumed many state-level taxes like

OCTROI tax, entry tax, and other miscellaneous taxes; this has paved the way for

truckers/traders to enjoy the hinder-free movement of goods across states. The Ministry of

Finance has come up with the EWAY bills, which will lay off the burden of separate clearance

for each State. Due to these active measures of the GoI and incorporation of FASTag toll

collection, the freight transportation cost fell by 20% and will continue to fall, as it reduces the

time consumed in the transportation of goods, decline in pollution and inflation.

Both GST and FASTag are changing the dynamics of trade in India by providing the ease in

business processes. India is going to witness an increase in investments in the Logistics sector

soon, as many of the bottlenecks are being cleared by the Government of India.