Snapdeal on 4 July announced its platform's successful transition into the post Goods and Services Tax (GST) world, culminating months of preparation overhauling all key systems impacted by the taxation system change.
This included enhancements across the Snapdeal seller panel, taxation system, cataloging system, order processing, invoicing and ERP systems.
As of 30 June, more than 92 percent of Snapdeal sellers (by value) had registered their GST number with Snapdeal. Together with seller partners, Snapdeal has revamped its self-serve seller panel, adding all necessary GST enabled customer invoice formats, commission invoices to sellers, taxation reports, and so on, so that sellers are able to file their taxes and get all required documents from the panel itself.
Further, in order to facilitate a smooth transition for the sellers, Snapdeal has also assigned a default HSN code to every product sold on the platform. This will ensure that the sellers do not face difficulty in identifying the right code for their products, while simultaneously also having the option to change the code as per their specific requirements.
Over the last few months, Snapdeal has also ensured due hand holding with seller partners through individual discussions, FAQs and a comprehensive awareness program - GST Guru. Through these, the company has helped tens of thousands of sellers obtain clarity with regard to operations under the GST regime, treatment of stocks in warehouses, new forms, and returns and credits.
"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," said Anup Vikal, Chief Financial Officer, Snapdeal.
Snapdeal is registered under the GST in all states from where it has a place of business, and has completed all necessary accounting and ERP changes to meet compliance requirements. Additionally, the company has also finalised its ASP/ GSP partner and return filling and reconciliation process.