A senior official said that the Goods and services tax will benefit the warehousing sector with ongoing taxation issues in logistics and transportation expected to be sorted out.
During a conference, Nikhlesh Jha, Additional Secretary & Financial Advisor, Ministry of Consumer Affairs said, warehousing sector will witness transformation to a new level as the GST regime would have preferential approach towards this sector,
“Not only the GST regime will streamline the prevailing inadequacies in logistics in general but also address host of issues relating to transportation and warehousing in terms of their indirect taxation and therefore, the Ministry of Consumer Affairs is confident that GST as and when implemented will reshape the warehousing in particular,” he was quoted as saying in a statement issued by PHDCCI.
He exuded faith that the finance ministry in its forthcoming budget session would have considerate strategy and allocations for warehousing sector. Jha said that given its criticalities, the GST regime would be supportive to logistics and warehousing.
Speaking on the occasion, Managing Director, Central Warehousing Corporation, Harpreet Singh said the government would create warehousing, cold storage with an advanced approach.
He said there will be a major focus on hilly states such as Uttarakhand, Himachal Pradesh, Jammu & Kashmir and the entire northern eastern belt in order to develop sustainability by reducing the wastage on fruits and vegetables in the region.
