Submitted by: Submitted by mks333
Views: 532
Words: 10563
Pages: 43
Category: Business and Industry
Date Submitted: 07/11/2011 07:21 AM
EXECUTIVE SUMMARY
Tata steel formerly known as TISCO (Tata iron and steel company limited) is a steel company based in Jamshedpur, India. Tata steel is Asia’s first and India’s integrated private sector steel company. The registered office of Tata steel is in Mumbai. It is the world's 6th largest steel company which operates in 24 countries and commercial presence in over 50 countries. TATA STEEL has various division in India which carry are the most important reason for its success.
In this project we would see how these indirect taxes affect the working of TATA STEEL LTD, Jharia Division. This division of TATA STEEL solely deals with the production of coal. The final product out of this division that is “CLEAN COAL” which is sent to TATA STEEL, Jamshedpur for the production of STEEL. Some of the indirect taxes which prevail in this Division are:
❖ Central Excise,
❖ Service Tax
TATA STEEL LTD for the production of STEEL uses the most important and abundant raw material that is available in few parts of our country i.e Jharia Collieries and West Bokaro Collieries in the state of Jharkhand.
The Central Accounts Department, TATA STEEL, Jharia division gave me an opportunity to learn how coal is produced and how the processing of raw coal to clean coal is done in the most efficient way possible. Various taxes which are prevalent in this division related to the production of coal like Central Excise and Service Tax. How coal is classified as an item where
Excise duty needs to be paid and how are the Service tax paid.
There are various Central Excise Acts which need to be understood thoroughly in order to understand the method of payment of Excise Duty is done by TATA STEEL, Jharia division.
Coal being included in Chapter 27 in Central Excise Tariff shows us that coal whose excise duty rate was nil earlier is now revised to 5%. CENVAT(Central Value Added Tax) is an important aspect of the excise duty paid on coal where the company can avail the...