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Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741
Wednesday, July 7, 2021
8 Pages
GST Will Help Achieve Vision Of $5 Trillion Indian Economy By 2025, Says Gadkari Chennai
T
Port Wings News Network he Minister for Road Transport & Highways and MSME Nitin Gadkari has said that GST will help achieve the vision of five trillion-dollar Indian economy by 2025. Addressing a webinar on the “GST Day” on the theme “THE JOURNEY OF GST AND WAY FORWARD - AATMANIRBHAR BHARAT” organised by the Institute of Cost Accountants of India, he said GST is founded on the notion of “One Nation, One Market, One Tax” which has helped and will be helping the trade and industry a lot despite the prevailing pandemic situation. Gadkari said Goods and Services Tax was implemented from July 1,
2017 and now it has completed four years of its implementation, during these four years a remarkable change
is seen in the way the business is being carried out. The minister said digitalisation and information technology have an important role to play. He said for
transparent and time bound decision making process Performance Audit along with Financial Audit is very important. Talking about the problems faced by MSMEs he said delayed payments are the main cause of concern which has to be resolved. The minister said though GST has completed four years there is still room for improvement and added cooperation, coordination, communication and rectification is needed from all stakeholders. Gadkari complimented The Institute of Cost Accountants of India for conducting regular webinars, seminars, various courses for different stake-holders throughout the Country to unlearn and relearn new subjects which are need of the hour to survive in the New Normal.
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Extreme Freight Rates Begin To Change Shippers’ Calculations Chennai
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Port Wings News Network he containerized shipping industry has been essential to global commerce for its low shipping costs. However, high freight rates are starting to have an impact on consumer goods. Already, consumers have started to feel the pinch of the surge on items such as furniture and coffee. Along the transpacific route, Alan Murphy, CEO of Sea-Intelligence recently estimated that freight rates for assembled furniture now account for a whopping 62 percent of the total retail value. It’s the same case for large appliances, for which up to
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41 percent of the retail price is the shipping. As container rates continue to rise unabated, these commodities might be priced out: their thinner margins make it impossible to absorb rising costs. In an interview with BBC, Scott Humphreys, the manager of a furniture supply enterprise based in the UK lamented the serious global supply chain bottlenecks, which are making it virtually impossible for his Contd. on page -2
Inside Maersk Signs Shipbuilding... Pg-2 Celebration of Azadi ka Amrut... Pg-3 Highest-ever Quarterly Growth... Pg-4 Shipping MRO Services GST Change Pg-5
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Vessel Position at Terminals and Ports... Pg-6 Latest Customs Exchange Rates... Pg-7 DP World Acquires Leading... Pg-7
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Performance & Highlights of KPL in 2020-21 An Ideal destination for the EXIM trade with fully mechanized operations, connectivity to hinterland and deep draft facilities. Present handling capacity: 54.44 MMTPA; Targeted handling capacity in next five years : 105.02 MMTPA Energy Port of South India with advanced facilities to handle fuels like Coal, POL, LNG and LPG. Biggest Port on east coast for handling Automobile exports for Major OEMs. Pioneer Port in digitization and Ease of Doing Business through implementation of ERP, PCS 1x, RFID, VTMS, etc., Socially responsible Port with a CSR programme geared towards addressing needs of local community.
Operating income of KPL registered Rs. 581.09 crores (audited) KPL has a track record of maintaining operating ratio around 20% to 25% since inception, lowest among major ports. Cargo handled during the financial year 2020-21 is 25.89 MTPA. Automobiles handled 18.20 lakh units in 1176 RORO vessels since inception. Largest Container vessel handled having 14,336 TEUs capacity in November 2020 with LOA of 366m. Achieved faster turnaround time of vessels of 42.97 hours as against the Ministry target of 43 hours.
Registered Office: 17, Rajaji Salai, Chennai - 600001, Phone : 044-25251666 - 70, Fax : 044-25251665 Port Address: Vallur Post, Chennai - 600 120. Phone : 044-27950030-40, Fax : 044- 27950002
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RNI No. TNENG/2014/59741 Postal Registration No. TN/CNIGPO/067/2021-2023 Posted at Pathrika Channel, Egmore, RMS, Chennai-8. Date of Publication - Wednesday, Posted on Wednesday (07.07.2021)