Overview of GST Bill in India
For the last few months, all the economists have been churning out the nitty and gritty of Goods and Services tax (GST) for the better understanding of everyone. How it is a much-needed reform to untangle the cascaded tax structure, its impact on the e-commerce business, so on and so forth.
Everyone has got selective queries that need to be answered before the implementation of GST bill in India. The business class, for one, appears to be happy and excited with the opportunities expected to come forth in the Post GST Bill India.
At present, the sheer amount of taxes being levied upon the manufacture and supply/movement of goods tends to hamper the smooth business dealings. It is for no reason that GST service tax act is referred to as One Nation, One Tax policy. Under the ambit of GST Tax India, all the existing service tax in India will be subsumed by a single tax structure to boost the ease of doing business.
Impact of GST Act on e-commerce business?
As of now, the e-commerce portals have to cater to the different taxes levied by the state and the central machinery. So much so that the price rates on the products tend to vary from one state to another. With the implementation of GST, one expects a single tax reform for all the states.
E-commerce sector does not have to tend to the different tax policies of the different states to offer services. Especially, the vendors or the services providers associated with an e-commerce portal are to benefit greatly by the GST act. It gives a chance to the entire business community to avail the benefits of the e-commerce portals.
Industrybuying offers fully GST compliant services
Industrybuying, for one, is a GST Complaint Platform which has PAN India reach. Once the GST bill is implemented the prices of products on the e-commerce portals are expected to drop by 2-3% which will boost the online sale. For sellers, it is huge opportunity to align with Industrybuying and expand their horizons post GST implementation. Industrybuying is one of India’s largest B2B e-commerce websites and caters to the entire range of industrial goods. The company has long-standing relationships with the top notch brands around the world.
Independent service providers need not get registered for GST as Industrybuying is registered in all the States and offers multiple GST compliant models i.e. Inventory based and Marketplace. GST Tax India is expected to be hassle free and in all certainty should promote ease of doing business. While on one hand, the buyers will have the opportunity to avail top products at reduced prices the sellers get an opportunity to operate on a national level and not be restricted to a particular region or area.
Industrybuying as one of the leaders in the e-commerce sector ensures that the sellers get the equal share of the pie. Besides the wide customer base, the company provides assistance to consolidate multi-state CFAs to aggregated IndustryBuying CFA services across all the states. What can be said with all certainty is that this was the much-needed reform everyone was looking out for. One Nation, One Tax makes it easy to understand the overall tax structure. Do not miss out on the plethora of business opportunity that opens up once you get online and align with Industrybuying.