Snapdeal Leads its Sellers into the GST Era
|Snapdeal’s GST Guru Program provides comprehensive information on GST requirements to online sellers|
- Over 92% of sellers, value wise, have registered and shared GST No.
- Technology platform upgraded to capture GST No., HSN Codes and Tax Rates
Snapdeal today announced its platform’s successful transition into the post GST world, culminating months of preparation overhauling all key systems impacted by the taxation system change. This included enhancements across the Snapdeal Seller Panel, taxation system, cataloging system, order processing, invoicing and ERP systems.
As of June 30, more than 92% of Snapdeal sellers (by value) had registered their GST Number with Snapdeal. Together with seller partners, Snapdeal has revamped its self-serve seller panel, adding all necessary GST enabled customer invoice formats, commission invoices to Sellers, taxation reports, etc., so that sellers are able to file their taxes and get all required documents from the Panel itself. Further, in order to facilitate a smooth transition for the sellers, Snapdeal has also assigned a default HSN Code to every product sold on the platform. This will ensure that the sellers do not face difficulty in identifying the right code for their products, while simultaneously also having the option to change the code as per their specific requirements.
Over the last few months, Snapdeal has also ensured due hand holding with seller partners through individual discussions, FAQs and a comprehensive awareness program – GST Guru. Through these, the company has helped tens of thousands of sellers obtain clarity with regard to operations under the GST regime, treatment of stocks in warehouses, new forms, returns and credits etc.
Commenting on the same, Anup Vikal, Chief Financial Officer, Snapdeal said, “We are proud to support the government in its vision of One Nation One Tax, and have been working closely with all stakeholders to enable the same on our platform. Given all these proactive measures, we are confident that together with our seller partners, we will move into the GST era seamlessly. Snapdeal experts will continue to assist and guide the sellers through this period of transition.”
Snapdeal is registered under GST in all states from where it has a place of business, and has completed all necessary accounting and ERP changes to meet compliance requirements. Additionally, the company has also finalised its ASP/GSP partner and return filling and reconciliation process.About Snapdeal
Snapdeal’s vision is to create India’s most reliable and frictionless commerce ecosystem that creates life-changing experiences for buyers and sellers. In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal. Today Snapdeal is India’s largest online marketplace, with the widest assortment of 65 million plus products across 1000+ categories from over 125,000 regional, national, and international brands and retailers. With millions of users and more than 300,000 sellers, Snapdeal is the shopping destination for Internet users across the country, delivering to 6000+ cities and towns in India. In its journey till now, Snapdeal has partnered with several global marquee investors and individuals such as SoftBank, BlackRock, Temasek, Foxconn, Alibaba, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners, Mr. Ratan Tata, among others.
For further information visit: www.snapdeal.com