Among a host of public and private sector companies, Maharatna engineering and manufacturing enterprise, Bharat Heavy Electricals Limited (BHEL) has been conferred the ‘ICAI National Award for Excellence in Cost Management 2016’. The award was presented by Piyush Goyal, Union Minister of State for Power, Coal and New & Renewable Energy to Atul Sobti, Chairman & Managing Director, BHEL.
Significantly, this is the tenth time BHEL has won this prestigious recognition. An independent jury unanimously selected BHEL for the First Award in the PSU Manufacturing Organisation – Large category, for the Award for 2016.
The 14th National Awards for Excellence in Cost Management and 4th CMA Awards, 2016 happened at a time when the country is undergoing the biggest Indirect Tax reforms in the form of GST.
Manas Kumar Thakur, President of the Institute welcomed the delegates and awardees and the desgnataries Jayadev Galla, Memeber of parliament, Uday Pratap Singh, Member of Parliament, Arjun Ram Meghwal, Minister of State for Finance and Corporate Affairs and Piyush Goyal, Union Minister of State for Power, Coal, New and Renewable Energy and Mines.
The President of the Institute expained about the contribution of the Institute and CMA professionals contribution in the economic growth of the country. He, further, explained the significance of these awards.
Speaking on the occasion, Goyal said that the finance professionals extended full support for the effective implementation of the Goods & Services Tax (GST) and now they need to make people aware about the benefits of this tax reforms. “ Trade and businesses have adopted this historical change however, the consumer part is still apprehensive about this. The professionals need to ensure that input credits are passed on efficiently and consumers get the benefits of cost reduction,” he said.
Meghwal explained methodolgy of Cost Management in olden days and the importance of GST for the country. He appricrated the awardees for their best practices.
The Ministers congratulated CMA professionals for spreading awareness about GST which is a single largest taxation system with technology driven methodology. Since its implementation CMA professionals are making consumers, vendors ,shopkeepers, micro, small and medium industries aware about the implications of the GST. CMA Professionals were conducting workshops on GST, established help desks for GST all over the country to help consumers, small vendors and SMEs.
The Ministers presented CMA Ratna Awards to 2 awardees, National Awards for Excellence in Cost Management were given to 36 awardees and CMA Awards to 25 awardees.