Srinuvasa Raju B

Experience

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  Rashtriya Ispat Nigam Limited, Vizag Steel Plant

  Jun 2008 - Jul 2017

   Managed compliance of various aspects of indirect taxes covering Central Excise & Service tax including: Filing of monthly Central Excise & Service Tax (VAT) returns, Availment of input tax credit/CENVAT, filing of annual returns, Preparation of replies to show cause notices received from Tax authorities, Preparation and filing of appeals before Commissioner (Appeals) and engaging taxconsultants for filing of appeals before CESTAT/High Court. Prepared a reply to Show cause Notice from Tax Authorities which resulted in dropping of taxproceedings involving tax demand of INR 670 Million (USD 80 Million). Show less

  • Deputy Manager (F&A) - Indirect Taxation

    Jul 2013 - Jul 2017

  • Assistant Manager (F&A) - Accounts Payable

    Jun 2008 - Jul 2013
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  Rashtriya Ispat Nigam Limited (Rinl)

  Jun 2017 - Jul 2020

  Manger (F&A) - Payroll Accounting

   Lead a team responsible for accounting of employee benefit expenses, income tax compliance forwithholding Taxes on salaries, preparation and provision of MIS on employee benefit expenses tomanagement. This role entails importance considering that the company had more than 16000 employees on rolls and annual employee benefit expenses is about INR 26 Billion (ISD 313 Million) which is about 10% of the total cost of the company. Developed and optimized various work processes to simplify data gathering and processing for payroll. Initiated Value chain mapping for digitalization of employee claims and settlements activity with a view to optimize business processes. Show less

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  Rashtriya Ispat Nigam Limited, Vizag Steel Plant

  Jun 2020 - now

  SENIOR MANAGER (F&A)

  Role & responsibility: Heading Corporate Financial Reporting & Corporate tax management team with 4 CAs reporting directly. The Company's turnover is USD 3.364 Billion for FY 2022-23. Responsible for Preparation of SFS and CFS, handling Statutory Auditors and providing replies to queries raised by them, Presentation of financial performance to Audit Committee and the Board, Corporate tax management, completion of Tax Audit, Dealing with Statutory authorities for Tax Assessments, replying to notices and filing of Tax appeals, improvement of work processes, Risk Management and updating IFCs, MIS, etc.,Achievements:Convinced Statutory Auditors on the question of timing of Capitalization of a PPE involving an amount of USD 228 Million where capitalization of USD 86.4 million was originally disagreed by the Statutory Auditors by producing logical explanations with the support of technical opinions of the ICAI for the accounting treatment followed. The said new unit was divested within 12 months post capitalization and its book value was turned out to be the basis for valuation that led to realization of full book value along with a premium from the buyer.  Instrumental in getting Income tax refund (TDS) of USD 2.9 Million for the FY 2021-22 by developing a system to reconcile sales turnover with consideration paid reported by customers (i.e., tax credits)  In association with the CFO, replied to all queries from Statutory Auditors and Government Auditors (C&AG) of Standalone and consolidated financial statements. Presented PPT to the Audit Committee and the Board of Directors on several matters. Played an instrumental role in divestment of one of the non-core units of the company by assisting CFO in providing replies during due diligence process and in providing inputs to valuation process. Conceptualized & implemented a mechanism to track and monitor contingent liabilities (USD 550 Million) at corporate level. Show less