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OPUS V3.0.Cdr www.c2xnitie.wordpress.com Convener’s Message For years, human mind has been boggled by the constraints of operaons in lieu of logiscs and in the Indian forefront, NITIE has been the vanguard. Propagang the tradion passionately and descripvely, NITIE collaborates with the thoughts of the leaders in the industry, faculty across the globe and with the students from various esteemed instutes to bring out the best of the invaluable knowledge on the back bone of the industry, The Supply Chain Management. Chain-to-Excellence (C2X) has been the major stakeholder in conducng some of the most challenging supply chain compeons, organizing enlightening sessions from industry leaders and through its novel iniave – The OPUS. OPUS aims to bring forth the most challenging business situaons and pracces in the field of Supply Chain Management, and iniate intriguing thoughts in the students to make excellence a habit for all its readers. OPUS has laid the foundaon to build up and strengthen credenals of a fabulous source of knowledge, and mely herald of news and happenings in the world of supply chain management. This version OPUS intends not to be just a magazine but to be a reference and a case guide to students in the arena of supply chain management. It is here to act as a bridge for industry problems and the very coveted ideas sought by the evolving Industry in the rat race to lead. I believe that Team C2X will connue its chain of unfolding the most innovave ideas to enlighten one and all in the Prof. Harsh V. Bhasin fields of SCM and keep glorifying the instute in this Convener, C2X NITIE, Mumbai unending quest for excellence. I congratulate the efforts behind this wonderful creaon and wish all the readers that their chains to excellence start right here! www.c2xnitie.wordpress.com From the Editor's Desk Today the Indian economy is facing severe challenges like inflaon, rising cost of raw materials and depreciaon of currency which together add to the final cost of finished products and uncertaines in the market. The Indian customers are sll not prepared to the extent that the enre burden of increased prices can be passed on to them. This is posing a serious threat to company's boom line. So, here supply chain becomes the source of compeve advantage. In order to bring efficiency in supply chain and control escalang costs, the spotlight is back on the taxaon policy in India. It is me that we analyse present tax structures and evaluate expected changes in supply chain that can result due to the introducon of GST. With the increasing focus on environment, underlining the importance of green pracces, a lot of aenon is drawn on the sustainability of supply chain. In this edion, an aempt is made to look into various roadblocks towards its implementaon and the possible recommendaons for the companies to go about it. Also, on the technical front, supply chain is evolving and moving towards RFID and other quick informaon exchange mechanisms. An understanding and analysis of the upcoming change is presented to give an insight to the readers about how it can impact the value chain. Companies know that they've got to keep a steady stream of new products and/or services flowing—to keep up with the compeon. As circumstances, needs and trends change, no one wants to get le behind. The key to succeed is 'Innovaon', which is not a one step process. New product development consists of many stages and processes that need to be followed for launching it in the market. A brief descripon about the flow of acvies has been studied and explicated here. In our endeavour to be the harbinger of latest trends in Supply Chain domain, we C2X (Supply Chain Interest Group of NITIE) present to you the Volume 2, Issue 1 of OPUS, the supply chain magazine. We express our sincere gratude to Professor Bhasin for his guidance in bringing out this magazine. Team Chain 2 Excellence www.c2xnitie.wordpress.com Contents OPUS Cover story 1 > Taxes and Money Effects on supply chain 6 > Internet of things in supply chain 12 > Personality of the Issue: Sam Walton 13 > Sustainable Supply chains 17 > Triple ‘P’ Approach 20 > New Product Development in FMCG www.c2xnitie.wordpress.com COVER STORY TAXES AND MONEY been famous for managing indirect taxes very well. For instance, the expenditure on customs was not TAXES & MONEY recorded separately. Rather it was aggregated with other costs like freight forwarding costs, broker fees, r. Money Rantam could not believe his etc. Companies were not aware of the customs they eyes. This middle class truck driver just paid annually and moreover, it's significance. But in won a Rs.75 crore loery. Finally, he can recent mes, the situaon has changed. Now tax fulfill his lifelong dream, to have his own management informaon is properly collected, business, his own company. He decided to call it 'A monitored and worked upon. Hence, companies can lile more Money' that would sell X, Y and Z. He was easily recognize situaons where they need to very thrilled to have his own company but at the same improve. The government is also trying to boost up me, he was very scared of the taxes he had to pay. He exports through the development of Export Oriented knew about direct taxes but it was the indirect taxes Units (EOUs) and Special Economic Zones (SEZs). But that he was concerned about. 'What all taxes are there the challenge lies in the reconciliaon of exports and in the supply chain involved?', 'At what rate will the domesc demands and the creaon of an integrated government charge me?', 'How oen do supply chain system that not I need to pay them?' and 'Can I “What all taxes are there in o n l y c a t e r s t o somehow reduce the amount of tax?'… the supply chain involved?', redundancies but also to These were some of the quesons that 'At what rate will the overlaps and shortages. intrigued him. government charge me?', 'How oen do I need to pay Money Ratnam asked The one person he could trust and ask them?' and 'Can I somehow him, “But what is the for help was his daughter, Dhan reduce the amount of tax?” importance of paying Lakshmi who was pursuing her post customs, keeping its graduate course at NITIE. The first thing proper records; and what that Lakshmi taught him was about the other problems can I face at a various types of taxes involved, viz-a-viz port?” Paanilal explained that “being serious about a) Customs Duty your custom dues will help you reduce your b) Excise Duty producon costs and speed up the delivery me. c) VAT Contrary to that, if you try to move products cross- d) Service Tax border without the proper customs documents and e) CST export licenses, it may result into costly delays and f) Octroi your goods might also get seized. Organizaons also face challenges due to the lack of space and “Wow, such words also exist in the universe!” was modernized handling facilies at different seaports Money Ratnams's reply to this plethora of jargons. He and airports. This results in higher turn-around me wanted to know more about these taxes, he was and consequently increased costs. It also adds up to anxious. The first thing he knew was that he had to the peak me waing periods that are very high as procure some of the raw materials from overseas and compared to various modern ports in other parts of some from within the country. So he decided to go to the globe.” Money Ratnam understood that customs the docks of Mumbai, to know more about the taxes was something he cannot ignore. He wanted to know incurred on imporng of these raw materials from more and so Paanilal connued “The extent of other countries. customs dues that you pay basically depends on the customs value, tariff code and the place from where CUSTOMS the goods are being imported, i.e. the origin. To His friend at the docks introduced him to the assistant determine the import dues on the various types of Port Director, Paanilal. Within a few minutes Paanilal goods, special tariff (HS) codes have been agreed understood that Money Ratnam could be a potenal upon at an internaonal level. Origin of the goods also customer for his port and started explaining him about plays a key role in determining the customs duty on the Customs Duty involved while imporng goods the goods. Hence, various countries have agreed upon through sea. Paanilal explained that India has not bilateral and mullateral FTA’S. www.c2xnitie.wordpress.com OPUS | 2013 | 1 COVER STORY TAXES AND MONEY Here was a word that brought Money Ratnam's government. It doesn't maer if you're doing it aenon back on the discussion. He couldn't resist to personally or outsourcing it to other pares. However, ask “What are these 'FREE' Trade Agreements?” Even there are a few excepons. Manufacturers who export though Paanilal was geng restless because a their product need not pay excise but they are liable to shipment was waing for his approval to leave, he submit ARE-1 bonds or ARE-3 cerficates to the couldn't afford to upset a customer. So he explained authories. These are equivalent to the excise amount that “bilateral or mullateral agreements like FTAs are or quanty. Also, since dealers are only responsible for pacts between two or more countries that allow for the transfer of goods from one place to another, they reduced or even zero-rate tariff dues for goods that are not liable to pay excise dues.
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