No adverse impact of GST! Cargo container business saw no decline after tax reform, says Indian Railways

By: |
Published: July 19, 2018 3:01:09 PM

While in the financial year 2016-17, 47.60 million tonnes (MT) cargo was loaded in containers, the amount of cargo loaded rose to 54.31 MT in the following year, he said, noting that a growth of 6.71 MT was registered.

railwaysThere has been no decline in the cargo container business after implementation of the Goods and Services Tax (GST) introduced last year.

There has been no decline in the cargo container business after implementation of the Goods and Services Tax (GST) introduced last year, Minister of State for Railways Rajen Gohain said today.

“There is no decline in the cargo container business after implementation of GST from July 1, 2017,” Gohain said in a written reply to a question in the Lok Sabha.

While in the financial year 2016-17, 47.60 million tonnes (MT) cargo was loaded in containers, the amount of cargo loaded rose to 54.31 MT in the following year, he said, noting that a growth of 6.71 MT was registered.

The minister said, the Indian Railways loaded 41.23 MT cargo from July 2017-March 2018, as compared to 35.93 MT during the same period the previous year.

“The Ministry of Finance as well as NITI Aayog has been requested to consider uniform levy of GST on rail container traffic at par with road container traffic. Service of Goods Transport Agency (GTA) for transport of goods by road are taxed uniformly at 5 per cent GST with no Input Tax Credit (ITC),” Gohain said. PTI

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.