Moglix, a business-to-business commerce platform has today announced the launch of its GST (Good and Services Tax) technology for the manufacturing sector.
With this launch, the company aims to empower SME to large suppliers and buyers to file indirect taxes seamlessly, while maintaining a close vigil on the 100% reconcilability of the entire value chain.
Recently, Moglix had 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.
Talking about the launch, Rahul Garg, Founder and CEO at Moglix, said,
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.
As per the company, it 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.
GST has inched one step closer to becoming a reality from 1st April’17. However, the mechanism of implementation is still being fine-tuned. Indian manufacturing is a large sector (around $300 billion), accounting for 17% of the country’s GDP and is a very complex domain from an indirect taxation perspective.
Currently, 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. Commenting more on this, Rahul added:
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.
Founded in August 2015 by Rahul Garg, Moglix is a B2B e-commerce marketplace that specialises in procurement of industrial products such as MRO, fasteners, electrical, hardware, pneumatics, safety items and more. Its aim is to be the largest technology platform where demand and supply can be matched through price discovery and product availability.
A couple of months ago, the company raised Rs 28 crore in its Series A round of funding, led by Accel Partners with participation from Jungle Ventures and SeedPlus. The funding is being used to expand operational footprint across major industrial hubs, increase the SME customer base and large manufacturing buyers.