With frequent ocean cargo shipments scheduled every month, Transco Cargo is one of the best freight forwarders to India from Australia. We make it a point to be informed of the changes in the logistics industry as well as the changes in government policies in the countries we operate. One of the most recent changes would be the 2016/2017 Indian Budget. In this edition of the Transco Cargo Blog, we look at the changes and how it affects couriers to India!
There are substantial changes to be expected in the 2017 Financial Year, with the Indian Union Budget citing increased budgets for Infrastructure Development related with Ports and Terminals. In terms of Infrastructure Development, the following developments have been budgeted for and foreseen.
- Ports and Waterways Development: The eastern and western coasts of Indian will see the development of more Greenfield ports. The infrastructure of national waterways will also be improved for cost-effective transport of shipments.
- Aviation Sector Development: Underserved airports will be revived and put into use, which will be carried out via a partnership between the Indian Union and the State Government. Also, service taxes have been set to zero on MRO (maintenance, repair & overhaul) to name a few of the changes.
- Refrigerated containers, also known as reefer cargo has had its basic customs and excise duty reduced to 5% and 6% respectively.
- 14% Service tax has been imposed on domestic shipping companies who import cargo from outside India. This move is said to be a means to discourage imports into India, and there is an expected increase in shipping costs for importing goods via couriers to India to be expected in the 2016/2017 Financial Year.
- Though imports have been discouraged, the exports of Indian made goods, with the “Make in India” initiative foresees an increase in exports, with zero rating of such services.
- Changes in Import Duty on various products have noted. These changes in the “Goods under HS Code” can be found on the India Union website at www.indiabudget.nic.in
Therefore, it is safe to say our Indian customers should expect some changes in the shipping rates and processes, with foreseen improvements for the country’s infrastructure and economic development.
Transco Cargo has always been dedicated to offering our customers the best shipping rates to India, and we will continue to do so. Get in touch with us to get an obligation-free shipping quotation for your couriers to India today!
Our Shipments to India Calendar is as follows;