Meesho Extends Platform Access To Sellers Without GST Registration From Oct 1
Date
10/4/2023 2:14:24 PM
(MENAFN- KNN India)
Meesho Extends platform Access To Sellers Without GST Registration From Oct 1
New Delhi, Oct 4 (KNN) e-commerce unicorn Meesho has opened its platform to sellers without a Goods and Services Tax registration, starting October 1, 2023.
The GST Council in July had exempted small businesses making intra-state supplies through e-commerce platforms fr0m taking GST registration if their turnover is below Rs 40 lakh in case of goods and Rs 20 lakh in case of services. The rule kicked in fr0m October 1.
"This move will potentially unlock 15-20 million sellers in under-penetrated states for the company," the company said on Tuesday.
As per reports, the company claims to have 1.4 million sellers on its platform.
The e-commerce unicorn in a statement said it recognises the unique characteristics of non-GST registered sellers, such as their high motivation and locally relevant selection fr0m categories like fashion, consumer electronics and home and kitchen.
"We believe that this exemption will not only open up vast horizons for aspiring entrepreneurs but also contribute significantly to enriching our product offerings, enhancing our consumers' experiences. We look forward to this transformative journey, committed to our goal of digitizing 10 million sellers by 2027," Meesho cofounder and CEO Vidit Aatrey said.
Based on industry estimates, about 1.2 million sellers drop out every year during the registration process due to GST requirements.
Meesho said the new rule will empower entrepreneurs and businesses fr0m various sectors, geographical regions, and diverse product selections to join the digital commerce revolution.
The company has streamlined the registration process, allowing sellers to sign up using their Enrolment ID or UIN in place of GSTIN.
To ensure compliance with government regulations, it has optimized product discovery process, to ensure non-GST registered sellers' products are only sold intra-state.
(KNN Bureau)
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