New Delhi: The new year has brought a new reality to the Indian market.
In a market that has been plagued by supply problems, there is a renewed appetite for rental truck services, as the government seeks to increase the supply of truck drivers.
The state government has decided to introduce a new tax on trucks, a levy of 10% on a truck rental and a 25% on leasing trucks.
According to an official statement, the truck rental tax is part of a plan to increase supply and provide the option of truck rentals at affordable rates.
This will enable a more affordable and efficient leasing of trucks in the city.
The government is also targeting the increase in the tax rate for truck rental services in the next few months, the statement said.
Rental of trucks and leasing are two key sectors that are key to India’s economy.
Both the sectors are key sources of jobs and employment for the middle class.
The truck rental sector employs more than 5.8 lakh people, which is one of the highest in the world.
The state of Delhi has a huge truck rental industry, with a total turnover of Rs 5.3 lakh crore in 2015-16.
As the new year approached, India’s truck rental market witnessed a massive jump in demand.
The demand surged in November as the GST (Goods and Services Tax) law was announced and also as the central government announced the first stage of the GST rollout.
The GST is expected to be rolled out by April 1.
However, truck rental prices are not expected to fall much as the truck drivers will not be required to pay GST on the rental of trucks.
The state government will be raising the tax on leasing of truck services in line with the government’s new plan.
The new tax will be levied on leasing a truck that is leased on a regular basis.
The tax will also apply to trucks that have been leased in excess of two months and that are rented to customers who are less than Rs 1 lakh.
The new tax is expected not to affect existing truck rental contracts as the tax will only apply to leasing of a truck which is leased by less than two months.
The existing contracts would continue to be valid, the government said.
The government is targeting to have the tax rates and rates of leasing and renting trucks in line for the new tax.
The move is expected in the first half of next year.