GHCL Digest JUNE 2018

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Towards ensuring supply chain sustainability at GHCL to mi gate risk through its supply value chain, “supply chain risk matrix” will be created. The risk levels- High, Medium & Low will be defined based on the sustainability criteria and industry best prac ces. The main purpose is to understand the risks associated throughout the supply value chain and promote business partners in adop ng sustainability as a key component of business decision making. GHCL will endeavour to extend business opportuni es with those partners who are aligned with GHCL's sustainability commitment or have systems which are superior to GHCL system. This will be a journey where business partners and GHCL shall work in tandem to promote sustainability for each other. For further details and queries you may reach to corporate HSE@ghcl.co.in. Fun corner Riddle time 1. What type of bee can’t make up its mind??? 2. What does the letter A have in common with a flower??? Fun Fact If you type “do a barrel roll” into your google search, the whole page will spin Riddle time answers: 1. Maybe 2. They both have bees after them June 2018 14
An Overview of the Goods and Services Tax The Goods and Services Tax (GST) is a landmark step taken by the Government of India to boost the GDP and introduce a more effec ve tax regime. It brings benefits to all the stakeholders of the industry, government and the consumer. It will lower the cost of goods and services to give a boost to the economy and make the products and services globally compe ve. By Deepak Singhal subsuming most of the central and state taxes into a single tax and by allowing (AGM Taxa on – Ahmedabad) a set-off of prior-stage taxes for the transac ons across the en re value chain, it mi gates the ill effects of cascading and improves compe veness and liquidity of the businesses. GST is applicable to all dealers whose aggregate turnover in a financial year exceeds INR 20 lacs (INR 10 lacs in case of eleven special category states). Separate registra on is required in every state from where a taxable supply of goods or services is made. Mechanism for Administra on - GST is levied both by Central & State Governments. For transac ons within a State, there are two components of GST - Central GST (CGST) and State GST (SGST) - levied on the value of goods and services. Both the Centre and the States will simultaneously levy GST across the value chain. In the case of inter-State transac ons, the Centre would levy and collect the Integrated Goods and Services Tax (IGST). The IGST would be roughly equal to CGST plus SGST. A comprehensive IT system, GSTN, is established that allots universal GST numbers (similar to PAN) to all manufacturers, traders, stockists, wholesalers and retailers. This will simplify the administra on of indirect taxes and plug leakages. The government also plans to incen vise tax compliance by traders. Interna onal Scenario - In the 1954, France became the first country to adopt the GST. More than 150 countries have introduced GST/Na onal VAT in some form. It has been a part of the tax system in Europe for the past 50 years and is the preferred form of the indirect tax in the Asia-Pacific region. There are different models of GST currently in force, each with its own peculiari es. While country such as Singapore virtually taxes everything at a single rate, some countries have more than one rate (a zero rate, certain exemp ons and higher and lower rates). Brazil and Canada follow a dual system where both Union and State Governments levy GST. The standard GST rates in most of the countries ranges between 15-20%. Rates - GST is imposed at variable rates on variable items. The rate slabs fixed under GST are 5%, 12%, 18% & 28%. Rate of 0.125% to 3% are also fixed for some handful of items viz. jewellery, precious stones. Some industries and products are exempted by the government and remain untaxed under GST. Goods Kept Outside the GST - Alcohol for human consump on, petrol and petroleum products viz. Petroleum crude, High speed diesel, Motor Spirit (petrol), Natural gas, Avia on turbine fuel. June 2018 15
Page 1 and 2: June 2018 GHCL DIGEST GHCL wins Cor
Page 3 and 4: MD's Message Dear Colleagues, Some
Page 5 and 6: Feature Story - GHCL Limited wins t
Page 7 and 8: Events @ GHCL 1) Par cipa on in Bha
Page 9 and 10: ARIVAZHAGAN NS On-the-spot award wa
Page 11 and 12: We give a lot of importance to the
Page 13: Supply Chain- The Missing Link in S
Page 17 and 18: Discover the 90/10 Principle Mr. Sa
Page 19 and 20: Introduction To Data Analytics Data
Page 21 and 22: Book Review Emo onal Agility Get Un
Page 23 and 24: Beach Cleaning Event - Celebrating
Page 25: “If you really want to make a dif

GHCL Digest JUNE 2018

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