Anticipating that the country’s economy would grow at a rapid pace with the implementation of Goods and Services Tax (GST), panelists in a session organised by the Vidarbha Industries Association (VIA) on Wednesday urged the participants to focus on improving their efficiency rather than exploring ways to save taxes.
Mr Prashant Mohota, Managing Director of Gimatex Private Limited, Mr Vishal Agrawal, Director of RC Plasto Tanks and Pipes Private Limited, Dr Suhas Buddhe, Chief Executive Officer, Biocare India private Limited, Sanjay Singh, Sales Coach and Mentor – Strategic Concepts (I) Private Limited and Mr Rohit Agrawal, Chairman of VIA Economy & Finance Forum were the panelists, who spoke on ‘How to market your business all over India: Taking benefit of GST one nation, one market concept’.
Mr Akash Agrawal, Chairman of VIA Entrepreneurship Forum was moderator of the panel discussion.
“Gone are the days when traders, service providers and manufacturers used to spent considerable time in saving taxes. But now the ‘one nation one tax’ system in place, there is uniformity in the taxes and thus one need to give priority to improving his efficiency,” said Mr Prashant Mohota. He observed that prices of the GST would soon squeeze prices of products and services. “It had happened in countries that had adopted GST. But the traders, service providers and manufacturers will have to pass on the benefits of slashed prices to end users,” he felt.
Mr Vishal Agrawal said that GST regime has opened up huge opportunities for the entrepreneurs to market their products and services across the length and breadth of India. “Earlier there were disparity in taxes and many other barriers were negatively impacting the ‘out of the state’ trade. But today things have changed dramatically and we have a very big market to explore. Apart from this, the transportation cost has also came down because of GST,” he said.
Calling GST a game changer, Mr SanjaySingh said that bigger players, who were not present in the smaller markets till recent past would soon tap small markets. “Bigger players will strengthen their sales and marketing team to reach out markets based in small cities, towns and villages,” he said.
Dr Suhas Buddhe observed that even if market share of many entrepreneurs go down, they would witness growth in business volume. “The size of the country’s economy would grow manifold that would increase business volume of most of the entrepreneurs,” he said.
Mr Rohit Agrawal said innovation would be the mantra for success in the GST regime. “The entire nation has become one market which will cut throat competition in every field. Entrepreneurs with innovative ideas and though will have an edge over competitors,” he said. Later on the panelists answered questions raised by the participants.
Ms Shilpa Agrawal, Chairperson, VIA Marketing Forum gave welcome address while Ms Shikha Khare, Convener – VIA Marketing Forum proposed a formal vote of thanks. Ms Hetal Gaglani, Co-Convener – VIA Marketing Forum conducted the proceedings.