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Be Proud !!! You are a Logistician.

Logistics is Unique as it is one of the life lines of any developing nation as well as a global necessity. It does not require a time frame and it’s demand is every day, every week, every month, every year, every season. It is not bounded to a specific trade or business. Every trade, every business, every organization needs it. Logistics Business is part and parcel of any supply chain management. It is concerned with products and services where they are needed when they are desired. Any country whether it is developed or a developing nation, cannot imagine it’s sustainability without the proper logistical support for agro industry, defense of the nation, e-commerce or retail or any kind of supplies to the people. A country can only  work smoothly with proper logistical infrastructure. Logistics is not new. It has been there since the beginning of the civilization. However, implementing best practice in logistics has become one of the major challenges for businesses for private and public sector management. Logistics is the integration of information, transportation, inventory, warehousing, material handling and packaging. All these areas of work provide a various possibilities and scopes of jobs when combine to form a challenging and a rewarding career in the field of Logistics. These areas also provide the new generation to develop their mindset and grow the ideas from a combination of traditional work areas into an integrated strategic initiative. The core responsibility of logistics is the geographical positioning of the raw materials, work in – progress and supply of finished products where it is required at the lowest cost possible. It is only the logistical process that material flow through the huge manufacturing process and are distributed through the marketing Channels to the consumers. Logistics add value when inventory is correctly positioned to facilitate sales. The overall goal of logistics is to achieve the targeted level of customer service at the lowest possible cost. The selected firms position their logistical competency to gain competitive advantages by providing customers with superior services, while meeting the perfect targets for any organization is difficult but logistically sophisticated firms always achieve these lofty goals along with their customer satisfaction. These firms always monitor, invest and innovate their logistics for growing their overall performance of manufacturing, sales and profit. The modern Logistics is a paradox and the complexity of logistics is awesome. In any nation the structure of marketing involves millions of retailers and wholesalers, to move products to and for these business millions of trucks and other modes of transports are required and registered. And to support logistics, total manufacturing, wholesale and retail, inventory investment requires billions and billions of funds for a country.

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Highlights of India’s Union Budget 2023-24.

General EPFO Numbers doubled to 27 crores Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school. Capital outlay of Rs. 2.40 lakh crore for Railways. 50 New Airports and Heliports to be made. Rs. 10,000 crore for urban infra fund every year Rs. 75,000 crore for 100 transport infra projects 3 Centers of Excellence for “Artificial Intelligence” will be set up. KYC procedure to be simplified. PAN to be come common business identifier. Scope of Digi locker to be increased. More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws Rs. 35,000 crore for Energy transmission 10,000 bio input research centers to be set up. 30 Skill India International centers to be set up. NFIR (National Financial Information Registry) to be launched for financial strategy. Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit. ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5% SCSS enhanced from 15 lakh to 30 Lakh.Direct and Indirect tax Promote domestic manufacturing and exports. Tax exemption on Capital Goods and Lithium batteries. Mobiles, camera lenses to become cheaper. Gold, Silver & Diamonds, cigarettes, imported rubber to get expensive. Enhanced limit for 3 crore and 75 lakhs for presumptive taxation. Higher TDS limit of RS. 3 cr for Cooperatives New IT Return Form for easier filing . 100 Joint Commissioners to be appointed for disposal of small appeals. TDS reduced on EPF withdrawal Section 54 and 54F to be amended. Rebate limit increased to 7 lakh in new tax regime. Number of slabs reduced from 7 to 5 in new tax regime. Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax. Salaried class and pensioner: Standard Deduction increased Highest tax rate 42.74 % reduced Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

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