Flipkart, Amazon, Snapdeal Argue Against GST’s Tax Collection at Source Provision

Flipkart, Amazon, Snapdeal Argue Against GST's Tax Collection at Source Provision

Flipkart, Amazon, Snapdeal Argue Against GST’s Tax Collection at Source Provision
HIGHLIGHTS
Flipkart, Amazon, Snapdeal partnered to lobby against a GST provision
They want the tax-collected at source requirement removed
They argue that this provision will increase complexity and costs
At a press conference organised by FICCI on Thursday, the heads of Amazon, Flipkart, and Snapdeal all found common cause as they expressed their worries about the TCS (Tax Collection at Source) provision of the GST (Goods and Services Tax). Under this provision, online marketplaces are responsible for collecting – and paying – taxes on behalf of their sellers. This is something that all three companies, the major players in the e-commerce space in India, are against, as they argue it will hamper the growth of e-commerce.

Currently, e-commerce operators share data on sales to the government periodically to ensure tax compliance. In the proposed model, additional TCS reporting, reconciliation, and governance could lead to greater complexity of business operations, and block capital, the companies argued. They contended that the clause is detrimental towards e-commerce companies that have brought in
billions of dollars of investment. The draft model GST law is due to be finalised at the end of this month.

Kicking things off, Snapdeal co-founder and CEO Kunal Bahl stated that “e-commerce is vociferously for GST.” This was a sentiment that was echoed by Amit Agarwal, Amazon India Head, who added that TCS can change the growth trajectory of e-commerce, and that is a cause for concern. “Tax collection at source is an exception created for online, it isn’t there for offline,” he added.

“All of us are investing ahead of scale and a lot of the investment is going into building the right infrastructure and ecosystem, in training/educating sellers and bringing them online and that attracts consumers to come to our marketplaces… This flywheel has been spinning for the last few years… when the ecosystem gets excited, a lot of other industries benefit,” Agarwal said.

Flipkart co-founder Sachin Bansal added, “none of us is saying that GST is bad, it is a transformative step for e-commerce,” but added, “tax collection at source is an area of concern in GST for e-commerce.”

“Due to TCS, close to RS. 400 crores per annum of capital will be locked into the system,” he added. “It will hamper working capital.”
Given that there are thousands of sellers and merchants on each platform, the shopping portals say TCS will be cumbersome and time consuming, and discourage sellers. “Success of e-commerce industry is contingent upon the success of small businesses,” Bahl added.

“The proposal, while adding needless complexity for the sellers, provides no benefit to the tax authorities and will lead to duplication of information followed by the need for its reconciliation,” Bahl also said.

They say a thorough impact analysis of this tax provision on the online marketplace has not been carried out diligently. Now with the draft model GST law due to be finalised at the end of the month, the urgency is apparent.

FICCI Secretary General Dr A Didar Singh also said that “e-commerce created the first national market of the country, GST just enhances that.”

On the risk of tax evasion by sellers, Bansal said that sharing of information can help prevent this. “Tax evasion can be avoided by sharing of information,” he said. “We are already doing this with the states.”

Gadgets 360 has reached out to all the three companies seeking further comments, and we will update this article on getting replies.

Tags: Flipkart, Snapdeal, Amazon, Goods and Service Tax, GST, FICCI, Lobbying, online marketplaces, ECommerce

[“Source-Gadgets”]

Lenovo K6 Power to Be Exclusively Available in India via Flipkart

Lenovo K6 Power to Be Exclusively Available in India via Flipkart

HIGHLIGHTS

  • The K6 Power’s highlight is its large 4000mAh battery
  • Lenovo India to launch K6 Power on Tuesday
  • The smartphone was first launched at IFA this year

Soon after confirming launch details of the upcoming K6 Power smartphone, Lenovo on Friday announced that it will be available exclusively via Flipkart. As confirmed earlier, the Lenovo K6 Powersmartphone will launch on Tuesday at an event held in New Delhi. The event kicks off at 2:30pm IST.

Commenting on the announcement, Sudhin Mathur, Executive Director, Lenovo MBG India said, “We are the number one online smartphone brand in India with 1 out of 4 shoppers choosing to buy a Lenovo or Moto smartphone, and Flipkart has partnered us well to achieve this success. We are glad to announce that we have exclusively partnered with Flipkart for the next launch in the popular K series, Lenovo K6 Power and hope to replicate our winning formula again.”

To recall, Lenovo launched the K6 Power at the IFA 2016 trade show in Berlin alongside the K6, and K6 Note smartphones. Considering that Lenovo has been launching smartphones under Vibe and Moto range in the country, it is possible the handset will be officially dubbed Lenovo Vibe K6 Power when it comes to India. As the name suggests, the biggest highlight of the Lenovo K6 Power is its 4000mAh battery.

To recall, the Lenovo K6 Power was launched in Dark Grey, Gold, and Silver colours, and sports a metal unibody design. It runs on Android 6.0 Marshmallow and comes with an integrated fingerprint sensor while supporting a dual-SIM slot. It is powered by the 64-bit Snapdragon 430 octa-core processor (4 x 1.2GHz Cortex-A53 + 4 x 1.5GHz Cortex-A53) with Adreno 505 GPU for graphics. Other specifications of the Lenovo K6 Power include a 5-inch full-HD (1080×1920 pixels) display. It comes in two RAM/storage bundles – 2GB RAM/ 16GB storage and 3GB RAM/ 32GB storage. There is also an option to expand storage further via microSD. The handset sports a 13-megapixel rear camera with LED flash, and an 8-megapixel selfie camera as well. Connectivity options include 4G LTE, Wi-Fi 802.11 b/g/n, Bluetooth 4.1, and GPS.

Lenovo K6 Power

Lenovo K6 Power

  • KEY SPECS
  • NEWS

Display

5.00-inch

Processor

1.4GHz octa-core

Front Camera

8-megapixel

Resolution

1080×1920 pixels

RAM

2GB

OS

Android 6.0.1

Storage

16GB

Rear Camera

13-megapixel

Battery Capacity

4000mAh

Also See
  • Flipkart
    Lenovo Vibe K5 Note (Gold, 32GB) – OFFER
    Rs. 11,999
  • Flipkart
    Lenovo Vibe K5 Note (Grey, 32GB) – OFFER
    Rs. 13,499
  • Flipkart
    Lenovo Vibe K5 Plus (Golden, 16GB) – OFFER
    Rs. 8,499
Tags: Lenovo, Lenovo Mobiles, Mobiles, Lenovo K6 Power, Lenovo K6 Power Specifications, Lenovo Vibe K6 Power
[“Source-Gadgets”]

How This Non-IITian Cracked Google, Flipkart, DirectI Interviews

How This Non-IITian Cracked Google, Flipkart, DirectI Interviews

HIGHLIGHTS

  • Do not read from websites offering codes for standard problems
  • Understand the algorithm and code it yourself
  • Participate in coding competitions and read editorials

The IIT tag has helped many a student in India bag coveted jobs at Google, but many non-IITians too have made it to the company straight out of college on the back of their skills rather than campus placements. Vishwas Tripathi, a student of Motilal Nehru National Institute of Technology, went on to join Google not via campus placements but on his own, by focusing on the basics as well as treading the path less followed.

Tripathi posted an answer on popular Q&A website Quora detailing how he prepared, along with the most important things any student should follow while gearing up for such an interview. Below is his account:

Appeared for APAC Round A: Got a call for anti-abuse profile from Google; could not go for interview as it clashed with mid semester exams.

Appeared for APAC Round B: Got a call for software engineer profile.Researched little bit about Google interview process. Found out you have to explain answers on a whiteboard; bought a whiteboard for practice.

Re-read first five chapters of “Cracking The Coding Interview.” This is most important thing I have ever read about interview process. It has helped me crack the interview of Flipkart, DirectI, Codenation, and Google. These chapters are about interview process and how to handle it.

Always read from good sources. Do not read from websites offering codes for standard problems. Understand the algorithm and code it yourself. If you want to read something new first try to find it on:

  • “Introduction to Algorithms” by Cormen, Leiserson, Rivest, Stein
  • Data Science tutorials
  • Or blogs on Topcoder, Codeforces, CodeChef
  • Original research paper of algorithm

I love participating in CodeChef long contest, and would recommend it. It gives you ample amount of time to learn something new. Most of the algorithms I know are because of this contest. Spend days in understanding, coding and testing them. You will at least learn one new algorithm every month by giving CodeChef long contest.

Most of us give many coding contests but do not pay attention to most important part of coding contest, the part after contest ends.

Up-solving: Make it a point to solve at-least one more question, after the contest.

Editorials: People give in lot of time to make editorials (CodeChef have best editorials). Read Them. They often have multiple approaches to solve, and links to best sources to read more.

Read codes of red coders, you will find how beautifully and easily can something be coded which took you so long. You will get inspiration to write better code.

Ask: If you have any doubts, ask them. Ask them in relevant threads. Ask them to your friends or seniors who have solved it. This is the fastest way to learn.

Most of all love what you do, and do what you love.

Disclaimer: I got in because of my interest of competitive programming and algorithms, though this is not the only way to get a job. But this answer is focused on entry through competitive programming.

Tags: Google, Quora, IIT, Coding, coding skills
[“Source-Gadgets”]

Amazon, Flipkart, Snapdeal Claim Massive Sales Numbers on Day 1 of Festive Sales

Amazon, Flipkart, Snapdeal Claim Massive Sales Numbers on Day 1 of Festive Sales

Amazon, Flipkart, Snapdeal Claim Massive Sales Numbers on Day 1 of Festive Sales
E-commerce majors Snapdeal and Flipkart on Sunday claimed lakhs of transactions on their platforms on the first of the 5-day discount sales even as some consumers expressed woes on the social media about certain glitches.

Amazon, which started its 5-days special sale on October 1, on Sunday said it has seen 6-fold growth over its regular business. It has claimed to have sold 1 lakh product units in first 30 minutes, 15 lakhs units in first 12 hours on first day of the Great Festival Day sale.

(Also see: Amazon Great Indian Sale: The Best Tech Deals)

Snapdeal, in a statement, said: “Nearly 11 lakh buyers from over 2,800 cities and towns across India bought at Snapdeal in the first 16 hours of the sale. The sale which started at midnight with 180 orders being booked per second got bigger during the day as buyers used the national holiday to explore a plethora of attractive deals.”

(Also see: The Best Deals From Snapdeal’s Unbox Diwali Sale)

It said that based on the trends from Day 1 of the sale reflect sales volume jumping 6 times of average volumes by 4pm on Day 1.

Flipkart claimed that it sold over half a million products within one hour on Day 1 of the sale.

(Also see: Flipkart Offers Massive Discounts on iPhone 6s, 6, 5s, Xiaomi Mi 5, More)

“Within the electronics and gadget category, we sold more Apple watches in 10 minutes than the total sale of Apple watches online and offline in a month,” Flipkart said in a statement.

Snapdeal and Flipkart claimed providing products at large discounts.
Flipkart said that the number of product units sold in the first 6 hours of sale surpassed the total units sold in a day during the first day of its Big Billion Day in 2015.

Snapdeal is running the sale as Unbox Diwali. Flipkart further said that its subsidiary Myntra also clocked three times more revenue in the first hour compared to 2015 edition.

Meanwhile, consumers on Twitter complaint that there were hardly any discount on the products that these companies are offering.

The online shopping festival of Amazon, Flipkart, and Snapdeal is more about discounting myth, marketing gimmick without much substantial offers, said a Twitter handle.

However, the authenticity of the claims on micro-blogging site could not be verified.

Some consumers even posted screenshots showing that a product was priced higher on the sites they were shopping on, compared to the other sites.

Some media sites and Twitter accounts complained about glitches in Flipkart and Amazon payment gateways. Amazon displayed on the site that “SBI and Associate banks net-banking are having payment issues”.

There was no immediate response to queries sent to online players as well as the banks concerned.

Meanwhile, traders’ body CAIT said that “big sales” on e-commerce sites is a “blatant violation” of FDI policy.

Tags: Flipkart, Snapdeal, Amazon, Flipkart Big Billion Day 2016, Amazon Great Indian Festival, Snapdeal Unbox Diwali Sale, Apps, Deals

[“Source-Gadgets”]