The Confederation of All India Traders (CAIT) partners with HDFC Bank, MasterCard and Tally Solutions to launch a National Campaign for accelerated adoption of digital payments to enable a seamless transition to the Goods & Service Tax (GST) regime and faster adoption of digital payments in non-corporate sector.
CAIT announced this ambitious campaign in a two days national conference which began today in the capital amid more than 150 prominent trade leaders from 27 states of the country attending the brainstorming session on GST & benefits of digital payments adoption under the theme “GST aur Digital Payment Apnao-Desh Vyapar Aage Badao.”
CAIT National President Mr. B. C. Bhartia & Secretary General Mr. Praveen Khandelwal in a joint statement said that, “It is a unique initiative being held for first time in the country for adoption of GST & Digital payments through which all the concerned stakeholders have come under one umbrella. By associating with MasterCard, HDFC Bank and Tally Solutions, we stand confident and committed for seamless transition to GST taxation system which would transform country into “One Market” studded with technological advancements, besides fast-track digitisation of the financial data. Though, GST is a revolutionary change to eliminate black economy while promoting transparency and security, the trading fraternity is perturbed about the procedural implications. Empowerment of nearly 60% of trading community with technology is a major challenge. Through this association, we aim to educate and equip non-corporate entities for successful adoption of GST and Digital Payments.”
At the Conference, MasterCard, HDFC Bank and Tally Solutions said in a joint statement, “We are delighted to come together to deliberate on the need for an integrated solution which could enable rapid on ground adoption of GST as per the Government’s deadline of July 1, 2017. This tripartite collaboration under the leadership of CAIT will help provide the necessary resources to small businesses to help digitize their operations, thus facilitating the adoption of digital payments at large. As e-payments will be the bedrock of GST to ensure widespread adoption, we are committed to working with CAIT to educate, empower and enroll small business to serve as a catalyst in the last mile delivery of the benefits of GST and Digital Payments.”
CAIT, in association with Tally Solutions, has already launched a national campaign titled ‘Mission GST’ this year, under which it is focusing on transforming around 5000 traders as ‘master trainers for GST’. This drive is meant to help traders across the country understanding the impact of GST on their businesses and to help them be acquainted of the procedural compliance under the new taxation system. Also, in partnership with Mastercard the campaign titled ‘Digital Apnao Vyapar Badhao’ was launched this year to help pace up the digital payments drive, with the implementation of GST on the anvil.
Given the strong focus on digitization of business operations driven by GST, Tally Solutions would help traders imbibe the necessary technology in their current business operations and adopt the fundamentals of e-compliance. HDFC Bank, on the other hand with its country wide network would equip traders with financial tools and resources, thus facilitating an easier transition to digital payments. CAIT and Mastercard would continue leading the campaign with financial literacy initiatives to educate traders on the increasing benefits of adopting digital payments in the wake of GST.
The GST is expected to radically transform into a single Indian economic zone expected to pave the way for a robust digital platform for businesses and individuals.