Mumbai, March 25, 2017: IndiaMART, India’s largest online marketplace connecting buyers and sellers recently organized its high-impact immersive discussion forum for SMEs, IndiaMART Emerging Business Forum at Mumbai. The highly acclaimed forum had a riveting discussion on Government of India’s recently administered and the much-talked about GST model and ways to streamline its implementation for SMEs, encouraging them to register for the unified tax structure. The Mumbai Chapter of the forum was preceded by the success of the event in 12 different countries like Kolkata, Indore and Chandigarh.
Madhup Agrawal, Sr. Vice President, IndiaMART said, “SMEs and Startups are quite anxious about the effects of GST implementation and are facing an extremely challenging economic environment. They have 90 days to prepare themselves for the changes. Though it requires a lot of technology and policy upgradation but the fact that it is going to result in an expected 1-2% growth in GDP is a positive sign. ”
India is a global manufacturing hub and SMEs form around 90% of the industrial units in the country. By implementing the single tax structure, many of these businesses will be able to enjoy reduced costs of operations and ease of trading, thereby becoming more competitive. This will bring in faster economic growth for the country. However, the impact of the revolutionary GST rollout on SMEs may vary across various industries and from state to state.
The Mumbai edition of IndiaMART’s on-going Emerging Business Forum ended on a promising note with experts helping SMEs understand how to prepare for the change and coming to a mutual conclusion that GST’s effect on the entire Indian economy will have to be thoroughly scrutinized to reach a wider acceptance among the SMEs.
Other speakers at the event included Alok Agarwal, Chairman & Managing Director, Alankit; Praveen
Khandelwal; General Secretary, CIAT; Col. Pankaj Dikshit, Sr. VP, GSTN.