JSW Steel sets up team to oversee GST implementation
The flagship company of USD 9 billion JSW Group, JSW Steel is one of the country’s leading integrated steel manufacturers with a capacity of 18 million tonnes per annum.
“The transition to GST scenario is a major change process and the the company has established a dedicated team to evaluate the impact analysis and carry out changes to the business process and IT systems as per the GST framework,” the company said in a report.
The adoption of GST in the company’s business systems and processes is one of the priorities of JSW Steel during the ongoing fiscal.
Terming the introduction of Goods and Services Tax (GST) as a very significant step of indirect tax reforms in India, the company said that by amalgamating a large number of Central and state taxes into a single one, GST would mitigate cascading or double taxation in a major way and pave the way for a common national market.
The company also expressed optimism that the country’s growth momentum may rise, driven by the government’s policy initiatives in areas such as taxation.
Parliament’s historic Central Hall will host an hour-long function on the intervening night of June 30-July 1 to mark the GST kick-off.
President Pranab Mukherjee, Prime Minister Narendra Modi, former prime ministers Manmohan Singh and H D Deve Gowda, apart from Vice-President Hamid Ansari and Lok Sabha Speaker Sumitra Mahajan, will be present in the function.