‘Highlights the importance of simplification and unification of taxation in catapulting small businesses to reach new heights of success’
Vadodara, July 24, 2015: : IndiaMART, India’s largest online marketplace connecting buyers and suppliers organized an engaging discussion forum for the SMEs, IndiaMART Emerging Business Forum, (in association with ZEE Business) at The Gateway Hotel, Akota Gardens, Vadodara. The acclaimed forum under the key theme, “GST – The Big Move – Simplifying Taxation for MSME’s” focused on how Goods and Services Tax will act as an enabler of the Government’s ‘Make in India’ initiative and the role simplified taxation would play in helping SMEs chart success. Mr. Madhup Agarwal, Business Head, New Initiatives, IndiaMART was the speaker at the event.
The discussion pivoted around important aspects like how GST is expected to change the way business is being conducted presently, the road ahead and the role it would play in pushing the economy forward.
The forum touched upon topics such as the role GST would play in improving tax compliance, tax terrorism and the changes on the ground with the swearing in of the Modi Government, initiatives undertaken on the taxation front to boost domestic manufacturing, GST’s role in addressing the concern of harassment of business, among other things.
The Vadodara chapter of the 5th edition of IndiaMART Emerging Business Forum was preceded by the success of the event in Faridabad, Ahmedabad, Mumbai, Kolkata, Jaipur, Hyderabad and Ludhiana and Surat.
According to Mr. Madhup Agarwal, Business Head, New Initiatives, IndiaMART “MSMEs have been contributing tremendously to the Indian economy and the time is ripe to generously support and equip them to establish their strong foothold in domestic and international markets. The Government should look to simplify and unify taxation for MSMEs and also consolidate multiple departments, to address compliance issues. Due to their small setup and thin management, small businesses grapple with higher and multiple taxes. GST is thus perfectly poised to act as a game changer for the Indian economy.”
“There is a dire need for a clear and unambiguous definition of goods & services and a pragmatic approach towards faster implementation of GST is required.”, he added.
The event witnessed prominent leaders on the esteemed panel of speakers like Dr S K Nanda, Senior IAS officer, Government of Gujarat, Nilesh Shukla, President of Vadodara Chamber of Commerce & Industries and Vice President of the Forum of Federations Chambers and Associations of Industries of Gujarat, Shekhar Bhardwaj, Associate (the Indirect Tax Group) in MPC Legal – Solicitors & Advocates and Mrs. Geeta Goradia, promoter of the Jewel Group of Companies, one of the leading manufacturers of Oral Care and Household Hygiene Products in India.
The symposium will now progress towards other Tier 1 and Tier 2 cities including Bengaluru, Indore, and Pune. It is deemed to unfold a series of profound discussions along with various influential industry experts on important topics related to the growth and development of SMEs in the country. The grand finale would be conducted in Delhi in the month of October.
IndiaMART is India’s largest online marketplace, connecting buyers with suppliers. The company offers a platform and tools to over 14 million buyers to search from over 25.7 million products and get connected with over 1.8 million reliable and competitive suppliers. Founded in 1996, the company’s mission is ‘to make doing business, easy’. The company has over 2800 employees located across 55+ offices in the country. Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd.
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