Business Companies 28 Jun 2017 SAIL braces for smoo ...

SAIL braces for smooth transition into new GST regime

PTI
Published Jun 28, 2017, 5:22 pm IST
Updated Jun 28, 2017, 5:22 pm IST
Unified taxation will bring in more transparency to the system and one tax one market economy.
SAIL management feels that the introduction of this unique indirect tax regime will have powerful impact on the domestic economy.
 SAIL management feels that the introduction of this unique indirect tax regime will have powerful impact on the domestic economy.

New Delhi: Steel major SAIL today said it has appointed a consultant and formed special teams to facilitate smooth transition into the new GST regime, set to roll out this week.

Steel Authority of India Ltd (SAIL) is readying itself for a smooth transition into the new tax regime, which will come into effect with the introduction of GST from July 1, it said in a statement.

 

"Besides appointment of reputed consultant for overseeing the transition, it has also formed special teams for coordination with its pan-India based plants, units, marketing offices and other units for migrating to GST regime," SAIL said in a statement.

SAIL said its dedicated teams are executing necessary modifications in the company's internal systems and procedures, under the overall supervision and guidance of top management, it said.

The teams of various plants and units of the company have undertaken special initiative and drive to educate vendors, customers, contractors in addition to awareness programmes for educating its employees to ensure smooth switching over to the new system of tax administration.

 

SAIL had recently announced that it aims at marketing 15 million tonnes of saleable steel during the current fiscal and it is also adopting a demand based production model to reassert its market share.

In such circumstances, the company believes that, a unified tax structure of GST will help in creating national market while reducing burden of multiple taxation on buyer and enhancing the business sentiments.

"SAIL management feels that the introduction of this unique indirect tax regime will have powerful impact on the domestic economy. The unified taxation will bring in more transparency to the system and one tax one market economy will definitely boost the ease of doing business," it said.  

 

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Location: India, Delhi, New Delhi




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