Leading software solutions provider MARG ERP is planning to invest up to Rs 100 crore to tap the business potential following implementation of the goods and services tax (GST).
Software business worth over Rs 40,000 crore is expected to be generated in coming years after implementation of the new indirect tax regime GST, Managing Director Sudhir Singh said.
"After the implementation of the GST, companies would need to change or upgrade their accounting and taxation softwares. We provide the most affordable solutions for all businesses, particularly small and medium enterprises and small traders," Singh said.
He said the company is looking at raising about Rs 100 crore from private equity firms and other investors to tap this potential.
"We are in talks with venture capital funds and private equity firms also. We will be investing the whole amount in strengthening our capacity in terms of hiring more manpower and expanding marketing and advertising," he told PTI.
The company, which currently employs over 250 people, has already prepared the templates and "once we get the full picture of the products under GST, we will take very less time to deliver our services".
"We want to tap 15 per cent of this market. Our plans are ready and we are continuously in touch with our existing and potential customers," he added.
With implementation of the GST, he said, around four crore small business units are expected to get registered, which are going to be the potential customers for the company's product.
As part of the awareness campaign to tap this opportunity, the company has already started road shows in different parts of the country.
MARG ERP has created 5,000 GST help desks, across the country to help small businesses make the switch to the GST.
"It is expected that around 8 million new taxpayers will also be registered. They need to be educated about the new tax regime," Singh added.
He said the company has also organised a huge multi-city road show to educate businesses on the GST.
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