The Goods and Services Tax (GST) is likely to result in a reduction of documentation for logistics companies, helping them improve their turnaround time and client outreach. The removal of various federal tax barriers and creation of a common market will also improve supply chain efficiency and attract more foreign direct investment (FDI).
Stipulations in the proposed law are expected to result in better tax conformity, while removing the cascading effects of the current tax regime.
About 65 per cent believe that they will need a minimum of 3 to 12 months to align their existing business strategies with the new tax structure.
fibre2fashion, 21 February 2017