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Moglix, a Leading B2B Commerce Company Launches GST Technology for the Manufacturing Sector

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Leading B2B commerce start-up Moglix, 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 to large suppliers and buyers through its GST technology
(business.moglix.com) to file indirect taxes seamlessly, while maintaining a
close vigil on the 100% reconcilability of the entire value chain. Recently,
Moglix 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.

Moglix has been working with 200+
large enterprises and 40,000+ SMEs on their supply chain and B2B commerce,
powering them with its integrated digital supply chain technology. Its
technology is uniquely placed to gear them up for the GST compliance challenge
looming large from the next financial year. With an increased focus of GOI on
indirect tax collection and leakage, this is going to be an “adapt or perish”
choice for everyone in the ecosystem. 
 
“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 Rahul Garg, Founder and CEO, Moglix.



GST, labeled as one of the foremost
indirect tax reforms in the country since Independence, has inched one step
closer to becoming a reality from 1st Apr’17. While the mechanism of
implementation is still being fine-tuned, there is an equivocal agreement on
its positive ramification across the board, especially in the manufacturing
sector. Indian manufacturing is a large sector ($300B) accounting for 17% of
the country’s GDP and is a very complex domain from an indirect taxation
perspective. Today, the sector is plagued with myriads of taxations like SVAT,
CST, Excise, CENVAT etc., and GST is going to be a welcome change with
significant improvement on ease of doing business.

“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”, Rahul added.

GST shall impact manufacturers in
multiple ways; first and foremost, it creates a single/central technology
infrastructure for indirect taxation for manufacturers. Second, it enables a
100% reconciliation of the tax flow across the entire value chain in a time
bound manner. Third, 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.

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. 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”.

TECHXLR8 Asia