GST rollout, launch in India: JSW Steel has listed “adoption of GST rules in the company’s business systems and processes across all locations. Introduction of advanced analytics, along with mobility first for workflows and implementation of MES system for Salem,” in ‘Priorities for FY 2017-18’ section of the report. JSW Steel has said that adoption of Goods and Services Tax (GST) rules in the systems and processes across locations of the company will be among its top priorities in this ongoing fiscal.
Besides, introduction of advanced analytics along with mobility first for workflows and implementation of MES (manufacturing execution system) at Salem would be its focus this year, the steel major has said in its Annual Report for FY 2016-17. On the country’s performance on macro-economic front, the JSW report said India’s economic growth will bounce back and hit 7.2 per cent this fiscal on account of various policy initiatives taken by the government.
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“Single national market will improve the efficiency of goods movement between states. Tax compliance and governance are expected to improve,” it said. “GST is also seen as a tool to drive India’s GDP growth rate to 8 per cent and above. The growth momentum should rise, driven by the government’s policy initiatives in areas such as taxation (GST), foreign direct investment (FDI), and the ease of doing business, among others,” it added. The landmark indirect tax regime, GST, will be rolled out midnight tonight.