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Tag: Confederation of All India Traders

  • CCI approves 16$ bn acquisition of Flipkart by Walmart

    CCI approves 16$ bn acquisition of Flipkart by Walmart

    MUMBAI: The Competition Commission of India (CCI) has approved American retail giant Walmart’s $16 billion acquisition of online marketplace Flipkart. In May, Walmart acquired a 77 per cent stake in Indian e-commerce company.

    With this, Walmart will compete directly with Amazon India in the fast growing e-commerce market. 

    This is the biggest deal for India’s e-commerce sector, which is estimated to grow close to an annual $200 billion in 10 years. The acquisition will give Walmart a strong foothold in Asia’s third largest economy where the company has struggled to expand due to restrictions on foreign investment in retail stores

    In a Twitter post, the CCI has given a heads up to the proposed acquisition of Flipkart by Walmart. The board, in its order, also added that the issue of Flipkart’s discounting practices would be dealt with separately in the upcoming e-commerce policy. 

     

    The regulatory board also mentioned that the discounting practices by Flipkart may have to be reviewed by the relevant authorities, which will put pressure on regulators to clamp down on discounts on online platforms. 

    Responding to CCI’s approval, Walmart said that the company is committed to contributing to the Indian economy by supporting farmers, businesses run by women in India and small and medium suppliers. 

    The statement read: Flipkart is a prominent player in India with a strong, entrepreneurial leadership team that is a good cultural fit with Walmart.

    Soon after the CCI’s approval on the deal, local trader body, Confederation of All India Traders (CAIT) opposed the Flipkart-Walmart deal on the ground that the acquisition will create unfair competition and drive local convenience stores out of business. 

    CAIT’s secretary general Praveen Khandelwal said to Reuters, “We will certainly move the court against the CCI’s decision. CAIT has called an emergency meeting of its governing council on August 19 at Nagpur, where we will finalise our strategy for a nationwide movement.”

  • Tally’s GST law awareness campaign

    Tally’s GST law awareness campaign

    BENGALURU: Indian software product company Tally Solutions Private Limited (TSPL) that has financial accounting package for businesses ‘Tally’ as a flagship product has launched a GST mobile application to ensure easy adoption of the technology led law. The free app, available for smartphones on Android and iOS platforms, will be a rich source of information on the yet to be implemented Goods and Services Tax (GST) law for businesses says TSPL.

    TSPL executive director Tejas Goenka said, “After a number of events that we have conducted with our partners in the ecosystem across the nation, we realised the need to develop an easy to use and yet a comprehensive tool that would ensure the business transition smoothly to GST in the coming year. It is to deliver this solution to the businesses that we have invested in the Tally for GST App.”

    The GST law is a boon of sorts for TSPL, in that it has provided it with a platform to improve revenues through upgrades and garner more users for its business software.

    TSPL says it has been making constant efforts to equip small businesses and traders and help simplify for them the process of adoption and compliance of GST. TSPL claims that its solutions power over a million (10 lakh) businesses and it is constantly mobilising its manpower and systems to help ease the transition of its existing as well additional users to the GST regime.

    Among its initiatives include collaboration with the Confederation of All India Traders (CAIT) in a bid to train the trading community on GST. The company also recently launched a blog on GST that currently has eleven experts on board. Besides, TSPL has conducted over 170 ground events across India with various partners across India to create awareness about GST. These partners include TSPL’s channel partners, trade bodies and associations and large corporate clients.

    “On an average day, we have about 5 events on GST in any part of the country where we address between 100 to 200 people, and hence we have already communicated with about 20,000 people. The number of events will only go up as the deadline of 1 April approaches,” elaborated Goenka.

    Goenka says that his team is working on a mass media communications plan that includes television commercials among other mediums about Tally’s GST upgrade, once it is available.

    The company recently qualified as a GST Suviadha Provider (GSP) by the GSTN Network, and is one more along with 33 others that are also so qualified.

  • Tally’s GST law awareness campaign

    Tally’s GST law awareness campaign

    BENGALURU: Indian software product company Tally Solutions Private Limited (TSPL) that has financial accounting package for businesses ‘Tally’ as a flagship product has launched a GST mobile application to ensure easy adoption of the technology led law. The free app, available for smartphones on Android and iOS platforms, will be a rich source of information on the yet to be implemented Goods and Services Tax (GST) law for businesses says TSPL.

    TSPL executive director Tejas Goenka said, “After a number of events that we have conducted with our partners in the ecosystem across the nation, we realised the need to develop an easy to use and yet a comprehensive tool that would ensure the business transition smoothly to GST in the coming year. It is to deliver this solution to the businesses that we have invested in the Tally for GST App.”

    The GST law is a boon of sorts for TSPL, in that it has provided it with a platform to improve revenues through upgrades and garner more users for its business software.

    TSPL says it has been making constant efforts to equip small businesses and traders and help simplify for them the process of adoption and compliance of GST. TSPL claims that its solutions power over a million (10 lakh) businesses and it is constantly mobilising its manpower and systems to help ease the transition of its existing as well additional users to the GST regime.

    Among its initiatives include collaboration with the Confederation of All India Traders (CAIT) in a bid to train the trading community on GST. The company also recently launched a blog on GST that currently has eleven experts on board. Besides, TSPL has conducted over 170 ground events across India with various partners across India to create awareness about GST. These partners include TSPL’s channel partners, trade bodies and associations and large corporate clients.

    “On an average day, we have about 5 events on GST in any part of the country where we address between 100 to 200 people, and hence we have already communicated with about 20,000 people. The number of events will only go up as the deadline of 1 April approaches,” elaborated Goenka.

    Goenka says that his team is working on a mass media communications plan that includes television commercials among other mediums about Tally’s GST upgrade, once it is available.

    The company recently qualified as a GST Suviadha Provider (GSP) by the GSTN Network, and is one more along with 33 others that are also so qualified.