Snapdeal ready for seamless GST transition with over 92% seller compliance
Before the dawn of Goods and Services Tax (GST), Snapdeal was one of the first to introduce initiatives to prepare online sellers for the new tax era. In spite of merger negotiations and legal troubles, the etailer has given priority to preparing for the revised tax. The online marketplace recently stated that its platform has successfully converted its financial system into a one that thoroughly supports GST.
As a result, it has managed to enhance its:
What makes Snapdeal GST compliant?
The Snapdeal Chief Financial Officer, Anup Vikal 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.”
It has registered under GST in all the states it has a place of business in
It has completed all required EPR and accounting changes necessary for compliance
It has finalised its ASP/GSP partner plus its return filing and reconciliation process
Assisting sellers with GST compliance
Snapdeal has been has assisting sellers continuously for the past couple of months through individual discussions, FAQs, GST guru – a comprehensive awareness programme and other training programmes. Through these initiatives and collaborations with experts, the online marketplace has managed to offer over 10,000 sellers clarity on the treatment of stocks in warehouses, use of new forms, handling product returns and credits after GST.
By the end of June, Snapdeal stated that it had over 92% sellers (by value) registered under GST and received their GST number. Along with seller partners, the ecommerce firm has managed to revamp its self-service panel, including much needed GST enabled customer invoice formats, commission invoices to sellers, taxation reports and so on, to allow sellers to easily file taxes and acquire necessary documents right from the seller panel.
To ease the transition further for sellers, Snapdeal has assigned a default HSN code to all goods being sold on its platform. This is expected to make it easier for sellers to identify the right codes per product and also change codes as per requirements.