Logo Infosoft sees more firms using GST softwares in near future. The company expects India to become their largest market in the next 2-3 years riding on a projected boom for Goods and Services Tax (GST) management solution market, a top company official said- according to a PTI report. Logo Infosoft is an Indian arm of South Eastern Europe’s leading software vendor Logo and one of the official said that India has a huge potential as a market for them, as only 1.2 crore MSMEs have adopted GST solutions out of 6 crore total such firms.
The government has been trying every possible solution to ensure smooth taxation in the country, amidst which e-invoices are gaining importance. In the near future, e-invoices will become mandatory but for that entities need to adopt the digital system.
1. The government has been trying to encourage the small businesses through basic free software for entities below Rs 1.5 crore turnover for adoption.
2. Infosoft CEO Vinod Subramanian said, “India has potential to become the largest market for Logo in the next 2-3 years as huge potential lies ahead for GST management solutions as only 1.2 crore MSMEs have adopted GST solutions out of 6 crore total such firms.”
3. “With government free software scheme there will be huge increase in firms using GST softwares who are potential future customers. We are also offering our solution Vyapari under the scheme which has approved 8 vendors,” he said.
4. Subramanian claimed Logo is the only vendor having international expertise in e-invoices and their solution account for 90 per cent of the total e-invoices generated in Turkey.
5. “Moreover, our solution can be integrated with digital payment and mobile PoS which are differentiator from other solutions,” he claimed.
6. Logo works in association with IRIS Business Services, a data solutions company and leading GST Suvidha Provider (GSP) appointed by GSTN, to tap the GST solution market.
7. Subramanian said as cost is a major hurdle for small businesses to adopt technology, but the company will offer a very competitive pricing for their solutions using cloud technology.