Moglix, a B2B commerce start-up has today announced the launch of its GST (Good and Services Tax) technology for the manufacturing sector. In its endeavor to boost the manufacturing sector, Moglix aims to empower SME, large suppliers and buyers through its GST technology to file indirect taxes seamlessly, while maintaining a close vigil on the 100% reconcilability of the entire value chain.
According to Rahul Garg, Founder and CEO, Moglix, 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.
“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 compliances. 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% reconciliation of goods, services, Information, payments and taxation, with highest standards of quality, cost and delivery,” he said.
Recently, the company has partnered with a couple of GSP applicants to demonstrate its GST technology to the GSTN (Goods and Services Tax Network) panel for taxpayers and businesses to achieve 100% compliance.
“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. To our delight, 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,” said Atul Jain, VP Procurement, Lumax Group.
GST shall impact manufacturers in multiple ways. It creates a single/central technology infrastructure for indirect taxation for manufacturers. It enables a 100% reconciliation of the tax flow across the entire value chain in a time bound manner. The tax ERP of every organization will now be maintained centrally inside the GSTN system. These changes shall enable India to get-rid of tax leakages in any shape or form in the future and give rise to a true white-economy.