The Entry of GST has literally gone on to create a stir in the market and all this time along it becomes an important topic for discussion and even as the whole Indian market relates with this bill there are a lot of voices and statements that are being heard from various spaces of the IT Landscape. Noteworthy in this regard are some of these voices that belong to distinct personalities of the IT market.
“At last like the European Common Market, India has got now one market and one tax regime which will infuse into our economy the much needed buoyancy and help significantly. For the startups and healthcare service providers it is a shot in their arms. They will see a lower tax burden and higher incentives to expand their operations across the country. A new dawn has been born to increase our growth , job opportunities, efficiency and promptitude in service delivery. For the healthcare industry here is a golden opportunity to take their services far and wide and offer medicines and medications at affordable cost. Our industry wholeheartedly welcomes GST. I would say that we have to celebrate August 3, 2016 as the Indian(Economic) Renaissance or Rejuvenation Day ” informed Vipin Pathak, CEO & Co-founder, Care24.
“I think the biggest difference GST is getting is the ease of registration process for Taxes. We no longer have to worry for service tax registration, Vat registration, TDS and other registration. Usually startups have limited time and HR. At least 4-6 days a month are spent on calculating and paying taxes which is a lot of time valuable tome spent. So that’ll be reduced marginally and doing business will be more simpler for companies to raise and calculate taxes. GST will also give higher exemptions for taxes. Like for vat it’s 10L instead of 5L currently” quipped Abhimayu Bhosale, Co-Founder, CEO, Live Health. “Introducing GST is a huge step from government’s side as majority of the countries across the globe already had similar structures and it was long time due for India. The ease of doing business, especially for transportation and manufacturing sectors will increase by a huge factor. From technology point of view, there are so many planning and analytics tools available globally which Indian enterprises were not able to use due to a complex tax structure. Companies will now be able to use more advanced tools and technologies to improve their internal operations and trade cycles across the country will become shorter and faster. For e-commerce and retail sectors, we had gathered location data over last 3 years and it clearly showed that more than 10% of the time in trade and transportation was spent at state/city borders due to various tax checks and penalty payments/collections. After GST, this time and cost will be reduced and our optimization algorithms will be able to suggest better routes for our users. In addition to that, the warehouse planning and positioning will also become much better as there won’t be a need to have many small warehouses across the states. This will unify the warehousing loads and reduce overall cost and time in end-to-end supply chain”- Dhruvil Sanghvi, CEO and Co-founder, LogiNext