B2B eCommerce platform Moglix is simplifying the Goods and Services Tax (GST) process for manufacturers using its services as companies brace for new tax reforms to take effect in India next year.
Reports Friday (Dec. 16) said India-based Moglix launched its GST technology to support seamless, direct tax filing for companies that buy and sell on its B2B eCommerce platform. The company has offered the solution in beta phase to several businesses to support compliance in the tax filing and management process.
The solution will be extended to the large enterprises and SMEs that buy and sell on the Moglix platform, reports said.
“Taxation and compliance has been a longstanding pain point in the ecosystem where easy and simple technology will help Indian industry scale up significantly, to compete in the global arena,” said Moglix Founder and CEO Rahul Garg in a statement.
GST was introduced as a part of India’s tax reforms and will come into effect April 1, 2017, reports said. Analysts say the tax reform will have broad impacts on the nation’s manufacturing sector, which makes up 17 percent of India’s GDP. GST aims to streamline and consolidate the array of taxations with which manufacturers must comply today.
According to reports, GST creates a single, centralized technology infrastructure for manufacturers’ indirect taxation. It streamlines reconciliation of those taxes, while the tax ERP will be centralized on the GSTN system, enabling India to gain transparent, centralized visibility of taxes, reports explained.
“We believe that GST shall fundamentally redefine the B2B commerce in the country, which, in the past, has been plagued by the multitude of state and central compliance,” Garg continued. “Moglix aims to enable a large section of manufacturing sector to smoothly migrate to the new regime. We dream of supply chain where we will achieve 100 percent reconciliation of goods, services, information, payments and taxation, with the highest standards of quality, cost and delivery.”