Ratan Tata backed B2B e-commerce marketplace, Moglix has launched Green GST, a SAAS enabled GST application solution for manufacturing units across India. The solution aimed at improving transparency and digitizing manufacturing space.
Green GST will provide organisations with end-to-end Goods and Services Tax (GST) compliance support and solution has been developed to make supply chains of manufacturing units GST complaint ahead of the law implementation on July 1st, 2017.
This comes on the back of Moglix’s GST filing solution introduced in December 2016 to allow mid-to-large-sized manufacturing companies file and reconcile their GST payments with the Goods and Services Tax Network.
Commenting on the development, Rahul Garg, Founder and CEO, Moglix said, “Moglix’s Green GST is aligned with the government’s One Country, One Tax vision. Our solution will help India’s manufacturing units become fully GST compliant within their supply chain, in an effective and efficient manner. Through this solution, Moglix hopes to make its contribution to making India future-ready, and also help promote a clean, green and transparent business environment.”
Rahul further adds, “In these interesting times, Moglix stands at a unique confluence of expertise in technology and the manufacturing supply chain. We are excited about the tremendous opportunity for our customers to enhance their business footprint using our technology and analytics capabilities.”
The Green GST solution will be offered free of cost for a 30-days trial period to a user or companies with turnover below $4 million. Post the trial, if the user is willing to continue, they will have to bear a subsidized costs related to GST Suvidha Provider transaction. The cost will be valid for up to 2400 invoices a year for a single user.
Anurag Srivastava, Co-Founder of Jungle Ventures, another venture capitalists who have put their stakes in Moglix, says, “Manufacturing as a sector is going to experience many changes and challenges with the roll out of GST. Moglix having dealt with multiple situations in this regard, viz. export-import, inter-state warehouses, and a 2,000+-supplier eco system, has an understanding of both supply chain and tax complications. Translating this expertise in to an ASP is a good move.”
Manufacturing sector is the least digitised compared to other sectors in India. Today, only 20% of manufacturing units are using digital in their supply chain management. With GST on the anvil, this number is expected to go up, as it will be mandatory for businesses of all sizes to file their indirect taxes online as per the new tax regime.
In making manufacturing units GST complaint, Green GST is also tackling the challenge of making vendors – mostly small manufacturers and traders – ready for the new regime.
Moglix is a leading B2B e-commerce company specialising in procurement of industrial products. The startup was founded in August 2015 by Rahul Garg, a former Google employee with experience in building global products and running sales across Asia.
The startup aims to technologically disrupt the B2B industrial products space for suppliers and buyers across the globe. As a global marketplace, Moglix specialises in B2B procurement of industrial products such as fasteners,industrial electricals and maintenance, repairs, and operations (MRO)-related products. The company claimed that it is witnessing rapid growth. It has partnered with over 1,500 manufacturers and distributors in India, China, Taiwan and other Asian countries to develop an end-to-end procurement marketplace to provide product discovery, price negotiation, logistics, and payment/escrow capabilities.