Bhilai Steel Plant (BSP), the flagship unit of the public sector steel giant SAIl, organised a workshop at industrial town Bhilai where traders and workers discussed in details about implementation of GST and Cashless Transactions.
A large number of Contractors and Contract Operating Authorities were present in the workshop. Addressing the participants, the Chief Guest, Hridaya Mohan ED (Materials Management) expounded the importance of GST and Cashless Transactions and termed the organizing of the workshop the need of the hour.
Further in the context of GST implementation, he praised the efforts of BN Agrawal DGM (Fin.-Taxation)and expressed satisfaction over the preparations with reference to GST in Bhilai Steel Plant. Thereafter, special guests, RK Tewary GM (Marketing & CS) and BP Nayak GM (Finance & Accounts) wished success for the workshop and gave thrust on significance of the subject in the present context. They encouraged the participants to gain insight of the subject and hoped that for successful implementation of GST in BSP such workshops would contribute immensely.At the outset, KR Parker DGM I/c (Contract Cell-Non-Works) welcomed the guests and participants, introduced the faculty BN Agrawal DGM (Fin.-Taxation) and explained the various facets of the program.
The chief speaker on the subject BN Agrawal, DGM (F&A) lucidly and with practical examples explained the salient features of the Goods and Service Tax like Meaning of the Word ‘Supply’ in GST as against manufacture, provision of Service and Sales in the existing taxation law, Subsuming of various existing Indirect Taxes, GST on Intra-state and Inter-state Transactions, Impact of GST on various stakeholders, Changes required in various functions under GST,
Threshold limit under GST, Input Tax Credit Scheme, Goods outside the purview of GST, Reverse Charge Mechanism, etc. The distinction between Existing Indirect Taxation System and proposed GST was explained by him with suitable examples. Besides, Impact Areas of Business like impact on cash flow, system changes, transaction management, transitional provisions, impact on costing and pricing of goods and changes required in the Computer and Accounting Systems were explained and discussed in detail.Chandranan Jain, Senior Manager Contract Cell (Non-works) conducted the proceedings. Seema Agrawal, Manager (Contract Cell-Non-Works) proposed the vote of thanks.