Associate - Indirect Taxation_Jamnagar(81333061)

JOB DESCRIPTION Job Role: Associate Team Member Money, Materials & Compliances Job Role ID: SECTION I: BASIC INFORMATION ABOUT THE JOB ROLE Outlines the count of employees reporting and financial and geographic scope of the role Job Role Variant Associate Team Member Money, Materials & Compliances Manager Job Position Team Lead Money, Materials & Compliances Job Position ID Value Stream MM&C Job Family MM&C Grade/Level -Sub-Job Family Location MMCBusiness Partnership A two to three line statement outlining the objective or the reason for which the job exists. SECTION II: PURPOSE OF THE ROLE To support operational implementation of the Money Materials & Compliances framework under the guidance of Team Lead and Team Member with respect to Accounting & Reporting, Direct & Indirect Taxation, Treasury, Audits & Insurance, Procurement & Contracts, Legal in order to align objectives, manage business finance, control costs, prevent asset or financial loss, mitigate risks, drive & monitor internal & external compliances to the policies, systems & processes across the respective businesses thus facilitating business continuity towards the fulfillment of Annual Operating Plan (AOP) within the limits of RIL's processes, policies & budgets SECTION III: KEY RESPONSIBILITIES AND ACCOUNTABILITIES OF THE ROLE List of responsibilities attached to the role are documented below. These responsibilities are representative and the role holder is also responsible for any other job assigned by the superior authorities from time to time. This section in not intended to be an exhaustive listing of all activities done by the role holder. It should capture only the key responsibilities of the role -Policies, Processes & Procedures ResponsibilitiesFacilitate collaboration with MMC P&L leader under the guidance of Team Lead to implement financial business plans for the P&L, considering financial objectives, growth strategies, and market dynamicsProvide implementation support for cost control measures to optimize spending, minimize wastage, and improve overall financial efficiency within the team and across projectsProvide assistance in the facilitating monthly Tax Deducted at Source (TDS) payments to ensure the calculated tax liability is deposited on time to the government treasuryAssist in the preparation and filing of all required direct tax returns on a quarterly basis for all entities for which payments have been made.Support issuance of TDS certificates to all vendors on a quarterly basis as required by tax regulations.Assist in maintaining accurate and up-to-date records of various taxes, including VAT rates, GST, and excise duties, ensuring compliance with the latest regulationsAssist in completing the tax charge process, meticulously validating tax calculations to ensure precision and correctnessPrepare for validation of GST information and other relevant documents to support seamless business transactions and maintain complianceAssist in the preparation of detailed monthly MIS breakdown of Profit and Loss (P&L) account and Balance Sheet, providing valuable insights into financial performanceParticipate in conducting comprehensive quarterly assessments of financial accounts, collaborating closely with cross-functional teams to support Supply Chain Management (SCM) preparations and reportingAssist in predicting the organization's future cash flows to ensure that there is enough liquidity to meet operational and financial needsProvide support in analyzing costs associated with procurement to identify cost-saving opportunities and make data-driven decisionsAssist in creating, tracking, and managing purchase orders to ensure accurate and on-time deliveriesProvide support in contract negotiations, ensuring favorable terms and conditions for the organizationAssist in reviewing contracts to ensure accuracy and compliance with company policies and applicable laws.Contribute to the development and maintenance of procurement and contract-related policies and procedures. Accounting & Systems ManagementAssist in the maintenance of financial records (end-to-end accounting), including journal entries, general ledger, accounts payable, accounts receivable, and other accounting transactions for the respective businessesSupport implementation of the month-end and year-end closing processes to ensure that financial transactions are recorded accurately and in a timely mannerAssist in the preparation and analysis of financial data, such as underwriting results, claim expenses, and premium income to contribute to financial forecasting, budgeting, and planning activitiesAssist in conducting budget-to-actual analysis, comparing budgeted figures with actual results, and explain significant variances in the MIS reports while downloading Form 26AS (Annual Tax Statement) and ensuring the upload of the same in the SAP systemParticipate in departmental communication with the business teams to reconcile receivables and ensure proper clearing of accounts Research & Process OptimizationAssist in analyzing financial statements, performance metrics, and KPIs to evaluate the company's financial performance and identify trends, patterns, and areas for improvementMonitor industry trends, competitor offerings, and regulatory changes and assist in providing insights on emerging risks and opportunities that could impact the company's strategiesStay abreast of disciplinary developments industry trends, best practices, and changes in taxation, accounting, treasury and insurance regulations with respect to RIL's businesses and aspirations Audit & ComplianceEnsure adherence to financial regulations, company policies, and industry standards including compliance with tax laws and regulations, including timely filing of tax returns and adherence to tax accounting principlesProvide support in preparation for external audits by coordinating with auditors, ensuring all necessary documentation and financial records are organized and accessible to ensure timely submission of cost audit reports and other statutory requirementsAssist in coordination with tax advisors and legal experts to comply with direct tax laws and regulations; Manage compliance with indirect taxes such as VAT, GST, and other applicable taxesGain exposure to identifying and managing financial risks and uncertainties that could impact the conglomerate's performance; by assisting in various risk mitigation strategiesSupport monitoring of contract administration and ensure that agreements with vendors and suppliers are favorable, compliant, and aligned with organizational objectivesAssist in the submission of compliance reports to regulatory authorities, ensuring meticulous adherence to legal mandates and transparency in reportingAssist in addressing audit queries, promptly providing accurate information and supporting documentation to meet audit requirementsEnsure procurement activities comply with company policies and government regulations. Data Management & ReportingProvide inputs in the monitoring of working capital for the respective businesses and prepare relevant reports for the same; also prepare regular financial reports and presentations for management, highlighting key performance indicators, budget variance analysis, and financial performance against targetsParticipate in collection, organization, and analysis of proper documentation of tax; assist in maintaining organized and up-to-date records of financial transactions, tax filing, etc. to support tax return preparation and identify tax-saving opportunities and optimize tax positionsAssist in the preparation of periodic MIS and transfer pricing reports, such as daily, weekly, monthly, and quarterly reports, presenting key financial and operational metricsAssist in the preparation and submission of the data/information requirements of Anti-dumping cases and handling the investigation processAssist in maintaining organized records of TDS payments, return filings, certificates, and correspondence related to direct tax matters. Metrics that are used to evaluate the success / performance of the role; specific targets do not need to be included as those would change from Y-o-Y SECTION IV: SUCCESS METRICS (TOP 3-5 KPI's) - % Financial Accuracy - % Compliance to the BudgetQuality of Reports generatedZero PenaltiesTimely Financial ReportingReduced Opex CostsGST ComplianceZero asset loss / revenue loss Key Interactions: Internal External Key interactions which are essential to execute the role. This will include both internal and external stakeholders SECTION V: OPERATING NETWORK Business team, Insurance Team, Treasury team, Direct Taxation team, Indirect Taxation team External consultants, Tax authorities, Government Authorities SECTION VI: KNOWLEDGE AND COMPETENCIES Minimum qualification, technical competencies and capabilities which are essential to execute the role. It may not be a reflection of job holder's own qualification and competencies Education Qualifications Graduate in any discipline (Finance preferred) with Management Degree (Preferred) Experience (Must Have & Good to Have) 2-3 years of relevant experience FUNCTIONAL COMPETENCIES BEHAVIORAL COMPETENCIES Functional / Behavioral competencies required to execute the roleBusiness Planning, Forecasting and BudgetingKnowledge of professional accounting standardsKnowledge of transactional accounting and closing processesOperational ExcellenceBusiness PartneringMarket scrutiny and impact analysisTax operations & validationFinancial ReportingAn outline of roles leading up to and out of the current role to contextualize career movement SECTION VII: CAREER MOVEMENTS Feeder Roles NA Possible Next Role Movement Team Member Money Materials & Compliances