This Third-gen Entrepreneur Saw the Business Opportunity in GST a Year Before its Launch
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Technology has taken India on a hurricane tour, throwing established and traditional companies into a whirlwind of activities to change their culture and adapt to the new trends.
The story of Masters India is pretty much the same. From a company that manufactures copper and aluminium wires to one that is making inroads into technology, Masters India has had a long journey.
Today, the third generation entrepreneur, Nishank Goyal, a graduate from University of Warwick, has added another feather in the cap of family business. Masters India is now a certified GST Suvidha Provider, too.
A Not So Traditional Transition
While the businesses in the family had spread deep into sectors as different as manufacturing and building charitable hospitals, when Goyal came back to India after finishing his law course in the UK, he knew he wanted to dive straight into technology. “I came across GST and immediately thought of it as a business opportunity,” said a self-assured Goyal.
Convincing his family too wasn’t a big deal, as all their businesses don’t belong to a particular industry and are instead spread across various verticals. “The idea was to start something where the resources (be it capital or human) will generate maximum output. So, my family, too, recognized the opportunity immediately,” he added.
GST, A Year Ago and Now
While most start-ups started rolling out initiatives for simplifying GST for SMEs early this year, Goyal started working on it in 2016. “Not a lot of people knew about GST then and weren’t even actively involved,” he added.
But today, things have changed. Because of the immense amount of knowledge available regarding GST, Goyal stressed that the market had been commoditized.
Masters India is one of the 34 certified companies that are providing GST compliance solutions. They are designing solutions in a way that will enable them to handle huge traffic volume at a critical time i.e. before filling date.
So, with everyone offering the same solution, the struggle now lies in staying alive. “We are trying to stay focused on the kind of stories we do and keeping up with the pace of development in the sector. In today’s times, compliance has to be done immediately; it’s not something you can avoid. So, we have to be agile enough and provide the latest to the customers,” added Goyal.
Masters India, which is strongly looking at partnerships and collaborations as a way to go forward, has also tied up with BSNL to provide GST solutions at a pan India level. They also work with large corporations (even some Fortune 500 companies) on simplifying their GST processes.
Not Assumptions but Conclusions have been formed about GST
Over the year, Goyal has noticed that it is not just that people have pre-conceived notions about GST but they have also made up their mind about the tax reform. Be it about GST or the impact of the reform or the kind of offerings under it, most business owners decided that it wouldn’t work for them. So, now Goyal also has the task of educating his audience. “SMEs were very worried about the three return filings per month as they thought all their time will be spent on doing just that. But we are building a seamless experience for them, making it an easier task,” he said.