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BRIEF-Tata Steel says GST rates largely on expected line with regards to steel industry
June 29, 2017 / 12:56 PM / 5 months ago

BRIEF-Tata Steel says GST rates largely on expected line with regards to steel industry

June 29 (Reuters) - Tata Steel Ltd

* on GST, “expected to streamline taxation structure in country and replace a gamut of indirect taxes with a singular GST to simplify taxation procedure”

* On GST, says “there are certain transition issues which would require to be sorted out”

* “Biggest benefit of this tax reform would be onboarding of informal economy on to mainstream economy & broad basing tax net”

* Says “with regard to steel industry, GST rates have been largely on expected line”

* “Going forward we expect GST council would work towards further broadening scope of GST and bring in sectors excluded from GST in its scope” Source text: [“The roll out of Goods and Services Tax (GST) from 1st July, 2017 will usher in one of the most significant reform in India in recent times. GST is an apt example of co-operative federalism where central & state governments have come together to create ”One Country, one tax & one market“. It is expected to streamline the taxation structure in the country and replace a gamut of indirect taxes with a singular GST to simplify the taxation procedure. The biggest benefit of this tax reform would be the onboarding of the informal economy on to the mainstream economy & broad basing the tax net. However, there are certain transition issues which would require to be sorted out. With regard to the steel industry, GST rates have been largely on the expected line. Going forward we expect the GST council would work towards further broadening the scope of GST and bring in sectors excluded from GST in its scope”] Further company coverage:

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