Editorial July-2017 Moving forward
10 Jul 2017
You are not much different than most people I see. Change is uncomfortable, but now that we know that change is inevitable and required to take things forward accept it and work towards it. We all don’t like change but at the same time we get good at it once we start. This context of change is in regards with the new technology that we all have to adapt to and the recent GST changes in India that companies have to implement.
Change 1: GST
The most important indirect tax measure has taken into force in India after 14 long years! The ambitious plan for Goods and Services tax (GST) was finally passed and approved after months of discussions and deliberations. One thing I have seen positively is the moving of freight vehicles to and from states. In most states, the sales tax and octroi and other tax checkpoints have been removed after GST implementation helping in smoother and faster movements of trucks by only declaration of their goods. Trucks that used to take 16-20 hours for moving are taking just 6-7 hours because most of the in between, time consuming part is eliminated. Most of the time, the checkpoints itself caused delays and free movement of vehicles.
The GST is ultimately going to show the positive effect on the economy as there are new courses and jobs available for accounting and software vendors who are implementing the GST laws. The need for businesses to move from old tax regime to new tax regime is overwhelming for the short term but looks promising in the long term.
More accounting employment will lead to better business practices and fresh young graduates are finding jobs from mid to larger size companies. The whole process is online, which will make it transparent for the government and the people of where the funds are going and how much tax was paid for each invoice raised. This in turn will be beneficial to the government and the company where they can claim the tax paid if any discrepancies at a click of a button.
Change 2: Technology
Technological and industry shifts are important drivers of innovation. The mobile phone and broadband internet are leading to a shift to the era of intelligent connected devices. There were the times when sales people used to go door to door to do sales, however now email marketing and company reputation and reviews are considered before doing business with anyone or any company.
Even though shifts are difficult to anticipate, they often lead to fundamental business changes. Staying up to date with these changes is vital. With that note, we are glad that several companies are expressing interest in posting their products on our online Inventory Sharing Platform (ISP). With that searchable interface for chemicals and pharmaceuticals raw materials, you can now increase your sales. Our online marketing team will help you get your products to the right audience, whether you are a manufacturer, distributor or trader.
Please visit us on www.dyeschemicalmarket.com/isp
- Rajiv Parikh
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