By TIOL News Service

NEW DELHI, JUNE 28, 2017: The Steel Authority of India Ltd. (SAIL) undertook measures to ready itself for a smooth transition into the GST tax regime, which would come into effect from July 01, 2017. The PSU appointed a reputed consultant for overseeing the passage to GST, and also formed special teams for coordination with its pan-India based plants, units, marketing offices and other units for migration to the upcoming new taxation system.

Considering the significance of GST to the Indian economy, the implementation of this vast transformation process, required meticulous planning and a clear understanding of the effects on the erstwhile systems and procedures. Keeping this is mind, the dedicated teams were engaged in executing necessary modifications in the company's internal systems, procedures & mechanism, under the guidance of the top level management. Besides the teams also strove to gain clear a understanding & comprehension of the GST laws.

Moreover, teams from various plants and units of the company undertook special initiatives and drives for educating the vendors, customers, contractors & the PSU employees, about the GST laws so as to ease the switching over to the new tax administration system. SAIL enunciated that a unified tax structure of GST would aid in creating a national market, whilst easing the burden of multiple taxation on buyers, and in enhancing the business sentiments. The management expressed hope that the new tax regime would have a beneficial impact on the Indian economy, by ushering in more transparency in the system and so bolster the ease of doing business in India.