SAIL readies for new tax regime under GST
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 01, 2017. 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 introduction of GST is a significant step in the Country’s taxation regime which will have far reaching and positive impact on Indian Economy. Implementation of this huge transformation process requires detailed planning and clear understanding of the effects it will have, on the existing systems and procedures. Keeping in mind these requirements, 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.