Enables GST invoice capabilities for Offices & Institutions such as SOHO (Small Offices & Home Offices) & SMBs (Small & Medium businesses)
Flipkart, India’s homegrown e-commerce marketplace is strengthening its focus on business customers by now enabling customers to get their GSTIN on their invoices, thereby allowing them to claim the input tax credit on their purchases. In a first of many initiatives towards enabling online commerce for businesses and enterprises; the capability to allow GSTIN on their invoices will help millions of business entities – to claim the input tax credit on their business-related purchases, saving up to 28% on their purchases.
The platform will service different types & sizes of organizations, that could belong to corporates, offices attached to facilities like manufacturing and warehousing, SOHOs, offices of CA organizations, clinics, law firms, consultancies, and Institutes include service organizations like schools, colleges, hospitals, banks, salons amongst others.
The face of India’s office sector is evolving at a rapid pace. According to industry experts, over 50Mn businesses have a growing need for office equipment and infrastructure to serve their employee base. As a result, the sector is likely to see a YoY growth of 80% through e-commerce. The pandemic has further added pressure on O&Is to not only re-look at their office infrastructure and requirements but has also had an impact on their cash flows. Capabilities such as GST invoicing for office-related purchases can further help these organizations save money and reallot resources appropriately. Flipkart has seen an average query of about 4000 per month from brands and O&I seeking such capabilities to support their businesses.
Business entities transacting on Flipkart can purchase stationery, Mobiles, TVs, office chairs, laptops, etc. while at the same time solve for their ad-hoc needs, have greater transparency, save time from market visits & broken supplier base. To avail GST input tax credit, businesses need to choose a product that has GST enabled sellers, add their GSTIN details during checkout & claim the GST invoice to claim the benefit.
Earlier in September 2020, Flipkart announced the launch of Flipkart Wholesale the digital B2B marketplace of India’s homegrown Flipkart Group showcasing its commitment to B2B businesses by offering a one-stop solution for the retail ecosystem which will offer Indian businesses a wide selection of products at a significant value, powered by technology and with an aim to grow their business. Flipkart Wholesale is currently available for fashion retailers, especially footwear and apparel, in Gurugram, Delhi, and Bengaluru, with plans to expand to other cities by the end of the year 2020.