Executive Briefings

India's GST Launch Spawns Tech Cottage Industry for Compliance

India's new Goods and Services Tax (GST), its biggest tax reform since independence, will unify a $2tr economy into a single market - and demand massive changes for small businesses that will have to go online to file their taxes.

Major software and service players, IT companies and tax advisers are teaming up to market GST compliance products to firms large and small.

But the new requirements have also led to the emergence of boutique players offering to help firms connect to the new GST Network, the vast IT back-end system that will crunch up to 5 billion invoices a month.

Rahul Garg, a former Google executive, is positioning his e-commerce firm Moglix for the GST's launch on July 1 when, at a stroke, at least 6 million companies will have to start filing taxes returns online.

Moglix, founded in August 2015 with $5.9m in venture capital, is a marketplace for industrial equipment that links 200 large manufacturers and 40,000 small- and medium-sized enterprises, or SMEs. Garg will offer a GST compliance product to this ecosystem for free but also sees a wider opportunity.

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Major software and service players, IT companies and tax advisers are teaming up to market GST compliance products to firms large and small.

But the new requirements have also led to the emergence of boutique players offering to help firms connect to the new GST Network, the vast IT back-end system that will crunch up to 5 billion invoices a month.

Rahul Garg, a former Google executive, is positioning his e-commerce firm Moglix for the GST's launch on July 1 when, at a stroke, at least 6 million companies will have to start filing taxes returns online.

Moglix, founded in August 2015 with $5.9m in venture capital, is a marketplace for industrial equipment that links 200 large manufacturers and 40,000 small- and medium-sized enterprises, or SMEs. Garg will offer a GST compliance product to this ecosystem for free but also sees a wider opportunity.

Read Full Article