Moglix launches GST filing solution
The company currently has operations in North and West India and sells to over 200 mid to large sized companies through its platform.
The GST technology will connect into the GSTN (GST network) system and enable companies to run a GST compliant supply chain. Rahul Garg, founder, Moglix, told ET that the company itself has to deal with seven different indirect taxes across the different states it operates in, which was the trigger for the ecommerce player to venture into creating this platform. Moglix has been testing this platform with certain customers over the last few months.
"We demonstrated our solution which has been developed in-house with a partner to the GSTN and have received a go-ahead for the same," he said. The company currently has operations in North and West India and sells to over 200 mid to large sized companies through its platform. These companies could automatically use the GST offering to reconcile their invoice at different stages of the supply chain and file their GST through it, rather than doing it manually.
Garg said that the tax implications for these firms would range from 18-25%, and that companies would lose out claiming it back if their records weren't properly reconciled. "Taxation and compliance has been a long-standing pain point in the ecosystem where easy and simple technology will help Indian industry scale up significantly, to compete in the global arena," said Garg.
Atul Jain, VP procurement, Lumax Group said "Dealing with thousands of vendors, their invoices, payments, logistics used to be a challenge for us as it called for significant management bandwidth. We started using business.moglix a few months back and it has turned out to be a fresh change for procurement, logistics, finance and IT managers to address all these issues. The platform also takes care of GST compliance for our buyers/suppliers which is going to be a massive exercise for enterprises running in offline mode."