SAIL readies for new tax regime under GST; taking steps to educate vendors

New Delhi, June 29 (KNN) The Steel Authority of India Ltd. (SAIL) is readying itself for a smooth transition into GST regime and is also taking various initiatives to educate the vendors who are mostly the MSMEs about this.

The Company, besides appointment of reputed Consultant for overseeing the transition, has also formed special teams for coordination with its pan India based plants, units, marketing offices and other units for migrating to GST regime.

The dedicated teams are executing necessary modifications in the Company’s internal systems and procedures, under the overall supervision and guidance of top management.

The teams are interacting round the clock to ensure clear understanding of the various rules and guidelines being issued in this regard to enhance the comprehension of GST provisions to be implemented.

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

The Company 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.