From the President's Desk
It gives me immense pleasure to bring to you a comprehensive booklet on GST (Goods and Service Tax) for steel sector being introduced from ftJuly, 2017. GST is a landmark and most ambitious reform introduced by the present government and will bring a paradigm shift in way business will be transacted in India.
GST subsumes erstwhile sales tax/vat, excise duty, service tax and special additional duty into one single tax regime and gives shape to "one nation one tax". The objective is to simplify current indirect tax system which is inefficient to a transparent and uniform tax system across all states of India.
There are many positives for steel sector. The tax slab as notified is 18% for steel from effective 18.125% in earlier regime. The interstate movement of goods become much simpler and all "C" and "F' Forms are done away with. The restriction on passing of central excise not beyond 3rd stage is also done away with. The ITC available on services is a big relief and will bring down transaction costs. The most important point is that GST puts manufacturer and trader on "at par" level.
Of course, there are challenges and issues related to compliances but general consensus is that GST is good in longer run and there may be some short-term pains. Steel sector is backbone of an economy. I am confident that steel sector will rise to the occasion and embrace GST and will lead the way to a new India as envisaged by our beloved and role model prime minister.
SUFI, "A PLATFORM FOR STEEL AND BY STEEL" has always been a torch bearer for any issues related to steel sector and for the benefit and growth of this very important sector. Therefore, it was quite logical that SUFI comes out with a booklet on GST for steel sector. This booklet tries to bring out a practical approach to understanding various transactions taking place in steel may it be interstate, intrastate, imports, exports, job work, so on and so forth. We have tried to cover almost all types of transactions both for movement of goods and on services. I feel and hope that this booklet will answer most of your questions related to GST and will be a reference point for steel fraternity.
Going forward it is expected that many procedural and rules and regulations may get amended by the government. SUFI endeavours to bring these changes as it happens from time to time in the form of supplements.
The initial period is expected to be challenging for implementation and adoption by the members. Therefore SUFI will open a "GST Help Desk" from 1st July, 2017 onwards at SUFI office located at 409, Giriraj Building, Carnac Bunder, Mumbai- 9 from 1:00 pm to 6:00 pm (except Sundays and Holidays), whereby members can approach to team of professionals and take their assistance in GST related queries. Contact number of GST helpdesk is +91-8850793927. Members can also send their queries on firstname.lastname@example.org. I hope members will appreciate this facility.I must take this opportunity to thank Shri Samir Sanghvi and his whole team in particular Shri Manish Agrawal from "Synthesis" Group for taking up this humongous task of compiling and conceptualising this booklet. I also thank my board members, advertisers for their wholehearted support for this endeavour. Shri Mitesh Prajapati, Shri Nilesh Juthani and Shri Manish Doshi from the SUFI Board need special mention as they have been instrumental in bringing out this booklet and have put in tremendous efforts for the same.
I sincerely hope steel fraternity will appreciate our efforts.With Warm Regards,
Nikunj Turakhia ( President )
STEEL USERS FEDERATION OF INDIA