New Delhi, 19 February – Union Minister Nitin Gadkari has advised the industry against repeatedly seeking tax reductions, emphasizing the need for government revenue to support welfare schemes for the underprivileged. Speaking at an event in New Delhi, he addressed the Nitin Gadkari GST statement, stating that tax cuts are an ongoing process but cautioned against excessive demands, calling it “human psychology” to always ask for more.

The minister stressed that while the government aims to lower taxation where feasible, a welfare state cannot function without sufficient revenue. He reiterated that the government’s vision is to levy taxes on the wealthy to support the economically weaker sections, highlighting the limitations in fiscal policy.

Logistics Cost in India to Drop to 9% in Two Years: Nitin Gadkari

Union Minister Nitin Gadkari announced that India’s logistics cost is set to decrease to 9% within the next two years, down from the current 14-16%. Addressing an event in New Delhi, he assured that the reduction would enhance India’s competitiveness in global markets.

Comparing figures with other economies, Gadkari noted that China maintains a logistics cost of 8%, while the US and European nations operate at around 12%. He also urged Indian industries to lower production costs without compromising quality, emphasizing that increased capital investment will drive job creation and economic growth.

With India’s logistics costs set to drop and taxation policies business dynamics, staying compliant is important. Vakilsearch assists businesses in managing GST obligations and regulatory challenges effectively. As the government balances revenue needs with economic growth, expert guidance ensures operations. Reach out to Vakilsearch for tax and compliance support today!

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Martina Arokiyaraj

CMS Content Assistant at Vakilsearch

I'm Martina Arokiyaraj A, a CMS Content Assistant at Vakilsearch. I focus on simplifying legal topics into easy-to-understand articles. As a regular contributor to the Vakilsearch news portal, my aim is to keep you informed about the latest in law, compliance, taxation, and more. I make sure you stay updated with Vakilsearch experts' insights on every piece of news, how it impacts you, and the steps you should take.

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