Year 2017 will be a big challenging year for all the companies as GST will be a beginning of new era in Indian tax history. Government drive for its implementation has been intensified now.Accounting Software developer companies like Marg Compusoft will play major roles in its implication and also the new FY will bring lots of opportunities and challenges for them. Mr. Sudhir Singh, MD, Marg Compusoft, exclusively shared his views with DT about GST & the company’s performance and strategies.
Q. How do you see the roll out of GST? What are the major challenges do you see for its implementation?
A. It was a much anticipated reform. Due to different tax structure of the statesand considering the multiple indirect taxes, there are lots of obstacles in doing business. Subsuming a dozen indirect taxes, removing cascading effect of tax, creating a common Indian market GST will certainly help in the ‘Ease of Doing Business’.
Considering the federal structure of the nation, we have adopted dual GST. Coordination amongst states is a major challenge. There should be consensus among the states and rates should be uniform across the country. Infrastructure preparedness and required administrative efficiency is also a major challenge in transition from existing system to GST regime. This is where we take a step forward to help taxpayers in smooth transition from existing system to GST.
Q. What is your preparation to integrate this change for your existing customers?
A. We are prepared with technology. The GST will get incorporated with Marg products in a very user friendly manner. Now, we are working to help MSMEs, SMEs and entrepreneurs to easily transit from the existing system to GST.For this, we are engaging with associations, connecting with government agencies, training our own team and partners. On 27th September2016 weorganized campaigns in all metros and major two tier cities of the country which was the biggest door to door campaign on GST awareness.
Q. How do you plan to use GST as big opportunity for engaging new customers?
A. GST will bring about a big change in the tax system of the country. Starting with 75 lakh taxpayers who are already registered under existing system, it is supposed to bring 2crore more taxpayers under the GST. It needs two major things, Knowledge transfer and Assistance in implementation.Margcompusoftis ready for both. With the team of 5000 MarGuns we have started helping various SMEs, MSMEs and entrepreneurs through GST awareness programs. We are organizing workshops across 500 cities and towns of the country to create awareness. We have set out the exclusive GST support desks in all A and B class cities where tax payers can reach out and get knowledge and solutions.
Q. Where do you find yourself in so huge competitive market? Please reveal your current market share/revenue.
A. We are India’s fastest growing inventory accounting Software Company. Currently, we possess 35% of India’s SME and MSME inventory software market. We are one of the most trusted brand in SMEs and MSMEs sector because of our trade specific, solution based products and efficient ecosystem across all states and cities . India still has across the desk buying process. Customers need reliability. Addressing the need of our customers we provide service to customer’s office in most cost effective way.
Q. Why do you think that customers should use your accounting software instead of other options?
A. We understand the need of SMEs and MSMEs. While others are providing normal accounting software, Marg products are trade -specific, solution based software. We provide customer oriented business specific software at anaffordable price.We keep our software innovating as per the industry standards and developed an ecosystem to make the adoption of product easily for entrepreneurs.
Q. How do you sell your solutions? Please brief about your distribution model?
A. We work on tier-2 based model. Marg Master Partners (MMPs)are our tier one partner and Marg Partners(MPs) are our tier two partners. In addition, to this we have an authorized service center that ensures quality services. Currently we have 150 MMPs and 10,000 MPs. We are at an expansion spree and we will have around 250 MMPs AND 15000 MPs by December.
Q. What are your upcoming channel plans? How do you work to enhance channel awareness?
A. We are reaching out IT association across the country and sharing about sustainable business opportunity, revenue model and USPs of our trade specific products. We offer our product at subsidized rate to our Marg partners so that they can gain maximum benefit out of it. By January we will be conducting 150 IT vendors across the country.
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