GST helps Vedanta to streamline supplies in India

A bird flies by the Vedanta office building in Mumbai August 16, 2010. India-focused miner Vedanta Resources said it will buy 51-60 percent of Cairn India for about $8.5-9.6 billion in cash to be funded via debt and cash resources, a move that would represent Vedanta's first foray into oil and gas, and help Edinburgh-based Cairn Energy fund an expensive drilling programme in Greenland. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS ENERGY) - RTXSAAV

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Metals and mining giant Vedanta Ltd today said there has been no "adverse impact" of the GST on it and the new tax regime has helped it streamline supplies in the country.

"We have no adverse impact or issues (due to GST). It (GST) only helps us streamline our supply chains in this country and serve the customers better," Arun Kumar, the Chief Financial Officer (CFO) of Vedanta Ltd told PTI.

Welcoming the roll out of the indirect tax regime across the country from July, Kumar termed the GST as a "fantastic step" which has enabled a single geography in terms of ease of movement of goods and services.

"Coming back to the GST, it is a fantastic step and great progress the country has made in implementing GST and this has really enabled a single geography in terms of ease of movement of goods and services," the CFO asserted.

Four months since its introduction, the new indirect tax regime has shown teething troubles and compliance issues, which the GST Council -- the highest decision-making body of the new regime -- is addressing through several rounds of changes.

To ease hassles facing medium and small businesses in paying taxes and filing GST returns, it has tweaked various aspects of the new indirect tax regime to make it industry friendly.

Also, the GST Council has rationalised rates on over 100 commodities and made refund process easier for exporters.