Why People choose Professional Logistics Services for Transportation of Goods

In the growing sector like logistics, there are plenty of organizations that offer quality logistics services to the customers that will considerably trim down a company’s operating expenses for goods transport. This reduction in cost might be unrelated for the short-distance shifting of parcels and goods, it is a very important part in long-distance goods transportation.

Professional Companies will always serve better

It is a fact that every person demands safe and swift goods transportation at low cost, and this service combination may be a bit tough to find. These days various reputed logistics group like Jayem Logistics have come up with the online goods transport booking services at very reasonable rates. Below mentioned are few points for which the professional services by City Link are preferred when compared to local transport services.

The major concern for each client who transports costly and bulk goods to different location is the trust and guarantee that the goods are in safe hands. For that reason, City Link offers the clients with end to end insurance cover just in case of any incidents.

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  • Safety

Safety is the other major concern of clients; the customers are serviced as per required safety levels along with assured quality of service.

  • Real-Time Pricing

Not all businesses are wealthy enough to pay high prices for goods transportation. Therefore, to keep it easy and simple for all, the transporter has come up with the facility of real-time pricing where even if you don’t want to make a booking, you can just quickly check through the current rates. So, there is no confusion regarding prices while booking and the person can stay updated with the market rates for goods transportation.

  • On Time Delivery

At the time of transportation of goods for long distance which is being done globally, the goods safety during transportation is very important.   Therefore, freight forwarding is an enormously recognized and ademanded service these days. The skilled logistic companies will either transport goods by themselves or else they use professional transport services to get the work done safely.

Either way, this forwarding intermediary, who is essentially the one who guides the goods to be shipped and can pass information to the possessor of the goods regarding their location and present status at any point of time. Thus, this protects the shipment from getting misguided and helps in delivery at the scheduled time.

  • Tracking

Most of the people are really concerned about the timely delivery of their goods and are concerned as to where exactly their parcel has reached. The best part about getting transport booking done is that the clients can check the location of their parcel as to where it has reached and what is the expected time for delivery as they provide the facility of tracking for all their orders.

E-Way Bill reconciliation with GSTR-1 returns

On 1st April 2018, the new and upgraded version of the way bill has been introduced as E-Way Bill (Electronic Way Bill).  The transporter, the Supplier or the recipient can generate or cancel by site to site integration/SMS or through Android App an Electronic Way Bill for the movement of goods as per Commercial Documents accompanying the goods.  It is generated with a unique bill number and for generating it, the requisitioner has to mention their GST number.

e-way-bill

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According to the GST authorities, they will start matching details given in the GSTR 1 (Goods and Service Return) in form number 1 with the details in the mentioned in E-Way Bill. If there is a mismatch, a notice will be served on the basis of return filed during August and December 2017. According to the response, a decision will be taken how much tax and penalty needs to be paid by the party concerned. All the GST assesses can fill GSTR 1 either monthly or on quarterly basis when the value of goods exceeds ₹ 50,000.

An option has been given on the E-way bill portal to generate reports for a particular tax period from E-way bill portal and match with tax invoices for outward supply and inward supply/delivery challan.  Information about e-way bills, along with the transactions captured in GSTR1, will make it easy to spot mismatches in certain cases where invoice has not been reported in GST returns filed by the taxpayer or where the taxpayer fails to file his returns or furnishes wrong details.

“In such cases, notice may be served by the authorities demanding clarifications for difference in tax amounts along with penalties. The said measures were adopted by the VAT authorities in the erstwhile regime also. Further in extreme cases, confiscation of goods, along with penalties may be imposed by the authorities,”.

There is a capacity to generate 70 Lakh of E-Way Bill every day GSTN claims. According to recent information on an average 11 to 13 lakh of E-Way Bill is being generated every day. Mostly the E-Way bills are related to inter-state trade which is about three-fourths and the remaining one-fourth is for intra-state.

Block chain technology in Pharmacueticals

Logistics is considered as the lifeblood of modern world with an estimation of 90% of world trade carried by international shipping industry every year. According to one estimate from the World Economic Forum, reducing supply chain barriers to trade could increase global gross domestic product (GDP) by nearly 5% and global trade by 15%

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Block chain technology can help alleviate many of the frictions in global trade logistics including procurement, transportation management, track and trace, customs collaboration, and trade finance.

There are over 50,000 merchant ships involved in the global shipping industry and multiple customs authorities regulating the passage of freight, ocean freight is the major focus and block chain technology has potential to optimize the cost as well as time associated with trade documentation and administrative processing for ocean freight shipments

To unlock efficiency in ocean freight, Maersk and IBM have started a venture to establish a global blockchain-based system for digitizing trade workflows and end-to-end shipment tracking. The system allows each stakeholder in the supply chain to view the progress of goods through the supply chain, understanding where a container is in transit. Stakeholders can also see the status of customs documents, and can view bills of lading and other data. Block chain technology ensures secure data exchange and a tamper-proof repository for this documentation.

The two companies expect this solution to track tens of millions of shipping containers annually. It has the potential to significantly reduce delays and fraud, which could lead to billions of dollars in savings in the logistics industry.

Accenture is developing a block chain-based system also focused on replacing the traditional bill of lading as well as facilitating a single source of truth for all supply chain stakeholders for freight inquiries up to issuance of trade documents. Here, a decentralized network connects all parties in the supply chain and enables direct communication, eliminating the need to go through central entities and rely on intermediaries.

FIGHTING COUNTERFEIT PHARMACEUTICAL GOODS THROUGH BLOCK-CHAIN

One key application is the use of blockchain technology to combat a major challenge in the world today: the counterfeiting of drugs and false medication. According to Interpol, around 1 million people each year die from counterfeit drugs 15 – 50% of pharmaceutical products sold through rogue websites are considered fake, and up to 30% of pharmaceutical products sold in emerging markets are counterfeit.

 To answer this challenge, DHL and Accenture are driving a blockchain-based serialization project providing sophisticated track-and-trace capabilities to the pharmaceutical industry Pharmaceutical serialization is the process of assigning a unique identity (e.g., a serial number) to each sealable unit, which is then linked to critical information about the product’s origin, batch number, and expiration date. Serialization effectively enables a unit to be tracked at virtually any moment, and traced to its location at any stage of its lifecycle.

A key serialization challenge is maintaining trace-ability and transparency especially when these units are repackaged or aggregated from unit to case to pallet for logistics purposes and then dis-aggregated back down to unit level for consumption.

 The DHL /Accenture proof-of-concept was established to overcome this and other challenges by demonstrating the effectiveness of blockchain technology in product verification. The aim is to show that pharmaceutical products have come from legitimate manufacturers, are not counterfeit, and have been correctly handled throughout their journey from origin to consumer

Most importantly, this initiative proves how end customers can verify the legitimacy and integrity of pharmaceutical products, especially compliance with handling requirements. This not only reassures the end customer at the point of purchase that their medicines are genuine and in perfect condition, but has potentially life-saving implications.

 

 

Things you need to know about Asset Management

It is broadly defined that it refers to maintain and monitors the asset value of entity and groups. It can be apply to both tangible (Buildings, Machinery and etc.) and intangible assets (Cash, Bank balance and etc.), Assets Management is a systematic process of maintaining, upgrading, operating and disposing of assets cost-effectively.

A word cloud of asset management related items

A word cloud of asset management related items

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In Organizations, they usually have an inventory control function which is designed to track large capital assets. When organizations track their assets, however, the techniques which is used to track other capital assets may fall short and not deliver all the possible value to the organization.

Due to which customer go through some pain, here are some points:
• When the material received but somehow the security team fails to verify the documentation of material.
• Delay in reconciliation due to lack of compatibility in report vary by user.
• Material delivered directly to the customer, which delays in payment tagging of material and Stock recording.
• Delay in discrepancy report against the receipt of material may lead to compliance risk
The Responsibility for Asset management has to acquire:-
• Gate Pass preparation / Goods Receipt Note
• ERP/SAP/ Oracle Data receiving
• Tagging
• Courier Management
• Bill processing for payment
• Package delivery
• Packing & Unpacking
Process of Asset Management

Asset Management use software to identify the asset, here are some points how it’s works
• A unique Serial No. and Asset No. is generated/captured for each assets and it can be done either manually or through barcode.
• Assets can be assigned to a user definable multi-level Location / Project reference and an optional employee identification.
• Assets movement between location/employees/projects as well as inter-unit transfer, can be captured.
• Asset audit through manually or by barcode scanner.

Asset Management company & software

Every Assets has it’s depreciate value, in Asset Management it records the value of assets until the value of assets become Nil. The assets are registered with different types of depreciation calculation under:
1. IT Act
2. Customs Act
3. Company Act.

IT Act

In Income Tax Act (IT Act) the depreciation is defined in Tangible Assets and Intangible assets. In this depreciation Act the Tangible assets can have 5 to 40 percent as per new rates but Intangible assets has 25 percent of rates.

Customs Act

In this Act deprecation is permissible for computers and computers peripherals within 5 years and 10 years with quarterly depreciation. In same way for other Capital goods there is quarterly depreciation with different rates.

Company Act

In this Act there are two types of depreciation Written Down Value (WDV) and Straight Line Method (SLM). In Written down Value the depreciation will be charged on decreasing book value (book value less depreciation). Whereas in Straight Line Method the depreciation is very simple from WDV it depreciation value is fixed until the assets value become Nil.

Here are some point why Asset Management is important:-
• Asset Management is important to reduce the total cost of operating assets.
• Visibility of complete asset life cycle.
• It improve the regulatory performance of the organization.
• Data Accuracy.
• Reduce the capital cost of investing in the assets base.
• Returnable and non-returnable consignment tracking.
• It also reduces legal risks associated with operating assets.

The key to good Asset Management is that it optimizes these benefits. Asset Management takes all the above into account and determines the best blend of activity to achieve the best balance for all the above for the benefit of the organization.

Block Chain technology in Logistics Sector

Basic things people should know on Block Chain Technology:

  • It is a relationship between consumers and suppliers without third person intervening
  • We can’t change data once it is posted
  • Each transaction is called as block and it is known by each and every person in that network
  • After this transaction will enter in to network chain
  • Each and every transaction details are stored by block chain
  • One bitcoin has to be used once you can’t use it twice as each and every thing stored

Bitcoin is digital currency and used for Money, Gold, and Properties transactions etc., 1 bitcoin = Rs 5, 50,407 

  • GOVT is taking part in this and doing research

Note: nobody has to right to use crypto currencies in our country, finance minister has announced

block chain technology in logistics

How block chain technology works and what is block chain technology?

 It is a place where one can store their personal information and only he will have access to his information to share as it is built on block chain technology.  This technology is still under development which creates revolution in many industries and markets.

  • Block chain is distributed & decentralized crypto logically secured ledger, which contain transactional details in block. It is highly secured encryption works on Cryptology.
  • The smart contracts could be any software based on block chain technology which is used fir secured transactions.

 

Developers in block chain technology

 Use of blockchain technology is still in early stages but Ethereum project advertises itself as decentralized platform which runs on Block chain technology. There are 850 apps built on Ethereum platform. IBM is trying out with major global companies like Maersk on Hyperledger Fabric which is blockchain framework that provides a foundation for developing applications or solutions with a modular architecture. It was designed by IBM and Digital Asset as a technology to host smart contracts called “chaincode” that comprise the application logic of the system.

 

The future applications of block chain are endless, for implementing ledger in order to streamline management operations for which it is difficult to hack and corruption.

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block chain technology in logistics

  • Impact of block chain in logistics sector:

The block chain technology is finding application in all domains let’s have a look on logistics sector. Due to many features many entrepreneurs are now eyeing at this technology to transform the industry and way of doing business. It will increase transparency in supply chain management.

Any business including the logistic industry runs on few basic requirements, the likes of which include:

  • Transparency
  • Safety
  • Accessibility
  • Security

 

The block chain is a distributed database which has all the information stored in chronological order. The information is stored in the form of blocks and is visible to all the people in the network.

 

  • Transparency for the customer-The ultimate goal of any business to ensure transparency with the customers. With block chain technology coming into the picture, the customer can easily track the journey of the product before it reaches their hand. The entire chain of product manufacturing, packaging, supply, and delivery can be easily traced with the help of this technology. The idea is to sync Block chain with IoT like RFID, Tags, QR Codes, etc. Once the information gets stored in the block chain, it cannot be deleted. The customer can scan the QR codes, RFID and they can see all the information related to the product on their smartphone.
  • Transparency for Auditor-Since all the history of transactions is sealed in the blocks and gets stored in the ledger, the auditors can easily verify and check it. They can easily understand where each product and items have gone.
  • Security-Security is yet another important which block chain has to offer. Since all the information present in block chain is immutable and unalterable, there is the least probability for anyone to make any changes in the same. In case someone tries to do it, it will become easily visible to everyone in the network, owing to the public ledger feature of the same.

As mentioned above Port of Rotterdam is planning to undertake a two-year project to understand the scope and use of block chain in the logistics division.