The 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. The company, besides appointment of reputed consultants 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 teams are interacting round-the-clock to ensure clear understanding of the various rules and guidelines being issued. They have undertaken special initiatives and drives to educate vendors, customers and contractors 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 the buyer and enhancing business sentiment.