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, 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.
It 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, a company press release informed.
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.
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.
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, the press release stated.
Notably, SAIl is also co-ordinating with the construction of Rail line from DaIlirajhara to Rowghat covering a distance of 95 km with Indian Railways in Chhattisgarh.
The project for doubling of Railway line between Kirandul and Jagdalpur in Chhatisgarh’s insurgency ridden Bastar region is expected to be complete by January 2019, official sources informed.
Notably, NMDC ltd — the country’s largest iron ore producer and exporter had also signed a Memorandum of Understanding with the Union Ministry of Railways on December 21, 2012 and the aforesaid project would be helpful in significantly augmenting evacuation capacity of NMDC’s Bailadila Sector mines by rail from the existing 28 MTPA to 40 MTPA of iron ore.
NMDC had deposited an amount of Rs150 crores with East Coast Railway and the expenditure incurred as on March 31, 2015 was Rs132 crore, sources informed.
For execution of the project, the Railways has divided the 150 km length of doubling work into three Sections namely, Jagdalpur to Silakjori 45.50 km, Kirandul to Gidam 52.23 km and Silakjori to Gidam 52.73 km.
Notably, the Rs2000 crore Rowghat to Jagdalpur railway line would also pass through heavily insurgency infested Kondagaon and Narayanpur districts of Bastar division in Chhattisgarh, officials stated. The project is a joint venture between Chhattisgarh Government, NMDC, SAIl and IRCON.
There are a total of 840 farmers in Chhattisgarh whose land had been acquired for the Dallirajahara-Rowghat rail line project, the Central Government has informed.
It may be recalled that Chhattisgarh Government would also be earmarking suitable land banks in the vicinity of Dallirajahara-Rowghat-Jagdalpur Rail Corridor for setting up of small industrial units, officials informed. The Chhattisgarh Government would be earmarking suitable land banks in the vicinity of Dallirajahara-Rowghat-Jagdalpur Rail Corridor for setting up of small industrial units, officials informed.
