New Delhi, June 30, 2017: Fintech
“GST regime is set to bring the big transformation in the industry. Fintech player like us have witnessed a big boon n this initiative as many financial institutions have been moving towards the digitization of their payment process. This has resulted in faster realization of the returns as at Rubique, we work on success based commission with financial institutions. Some of the FIs have also started revising the commission rates to accommodate these taxes,” said Mr. Manavjeet Singh- Founder and CEO, Rubique
“GST will be a game changer whereby it will push businesses into the formal sector. In the current scenario, businesses operating in the informal sector thrive on information disparity and cash for tax avoidance. With GSTIN, the information disparity will be greatly reduced thereby improving and increasing the tax network. The government steps of curbs on cash with limits of 2 Lakhs and above requiring reporting will also assist in pushing businesses towards digital payments. With ease in compliance, set off available for credits entrepreneurs will be driven to adopt digital payments from their end customers,” said Mr. Deepak Kothari- CO-Founder, ftcash
Retail and fmcg
Beyond the impending apocalypse that is being foretold, the digitization of transactions for the massive $600 bn retail industry will give unprecedented access to high quality data that could be used by manufacturers and traders to serve the end consumer better. And regardless of its shape and form today, GST will be a key enabler in accelerating retail growth over the next 5 years. We hope that both GST and the Industry are able to evolve rapidly, said Mr. Mayank Premi- CO-Founder and Director , Beacon.
Corporate Comm India(CCI Newswire)