Enables GST invoice capabilities for Offices & Institutions such as SOHO (Small Offices & Home Offices) & SMBs (Small & Medium businesses)
Bengaluru, NFAPost: 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 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 organisations, that could belong to corporates, offices attached to facilities like manufacturing and warehousing, SOHOs, offices of CA organisations, clinics, law firms, consultancies and Institutes include service organisations 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 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 organisations 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 which 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 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 year 2020.
The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, and PhonePe. Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India’s e-commerce revolution, with a registered customer base of over 250 million, offering over 150 million products across 80+ categories.
The company’s efforts to democratise ecommerce in India, drive access and affordability, delight customers, create lakhs of jobs in the ecosystem, and empower generations of entrepreneurs and MSMEs has inspired us to innovate on many industry firsts.
The recent launch of Flipkart Wholesale, our new digital marketplace, is a testament to our commitment to accelerate the growth of kiranas and MSMEs in India. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns –customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians.
Together with Myntra, which holds a prominent position in the online fashion market, PhonePe, India’s fastest growing digital payments platform, and now Flipkart Wholesale, the Flipkart Group will continue to steer the transformation of commerce in India through technology.