B2c Model

Design architecture for B2C e-invoicing for retailers ready: GSTN CEO

The design architecture for implementing GST e-invoicing for retailers is mostly ready and being vetted by industry experts, GST Network CEO Manish Kumar Sinha said on Tuesday. E-invoicing is already present in the B2B sector. The GST Council, in its meeting earlier this month, decided to extend e-invoice to the B2C sector on a pilot basis. Sinha said the GST department is currently in discussion with the industry for the issuance of electronic invoices for every B2C transaction. "Initially, we will do a pilot project. The design of the architecture is mostly done, and we are getting it vetted by some of the best people we have in the industry. After that, we will release a document on how to go about it," Sinha said at an Assocham event here. The threshold for businesses that would be required to issue e-invoices is in the process of being decided. "We have to give time to the industry, particularly, small mom-and-pop stores. What we want to get right is the technology. Large ...

Updated On : 24 Sep 2024 | 11:26 PM IST

Kirloskar Oil Engines Q4 results: Net profit rises 26% to Rs 128 crore

Engine oil maler Kirloskar Oil Engines Limited on Wednesday reported a 26 per cent growth in standalone net profit to Rs 128 crore in the fourth quarter ended March 2024. The Pune-based firm had posted a consolidated net profit of Rs 94 crore in the fourth quarter of FY23, according to a statement. Its net sales during the quarter under review rose 21 per cent to Rs 1,378 crore from Rs 1,141 crore a year ago, the company said. For the full fiscal 2023-24, the company's net profit increased 26 per cent to Rs 375 crore against Rs 298 crore delivered in FY23, it added. Its net sales for FY24 grew 18 per cent to Rs 4,806 crore from Rs 4,073 crore in FY23. The company also said its full-year export revenue for the first time crossed Rs 500 crore in the previous fiscal. Undoubtedly, it has been a challenging year operationally, navigating the transitions associated with emission norm changes. However, the company has successfully managed this transition, Kirloskar Oil Engines said.

Updated On : 08 May 2024 | 9:09 PM IST

Kirloskar Oil Engines Q3 results: Net profit rises 21% to 82 crore

Net sales for the third quarter of this fiscal stood at Rs 1,125 crore, up from Rs 990 crore in the year-ago period, registering an increase of 14 per cent, it said

Updated On : 12 Feb 2024 | 10:58 PM IST

Apis India to expand product portfolio, aims Rs 500 cr revenue in FY25

Homegrown FMCG firm Apis India plans to expand its product portfolio in the food segment and aims a topline of Rs 500 crore by the end of next fiscal, its Managing Director Amit Anand said on Tuesday. Besides, Apis India has plans to open a new plant to cater to the growing demand and is investing in branding and marketing to make its products more visible in the market. The listed company, which is present in the food segment with honey, dates, green tea and breakfast products, among others, is looking to expand its product portfolio and distribution footprints across the country. The Delhi-based company had reported a revenue of Rs 333.66 crore for the financial year that ended on March 31, 2023. The company gets nearly equal contributions from the B2B and B2C businesses. "There would be a substantial growth this year. We expect our B2C business and exports will grow. Besides, there is a unit in Dubai, UAE which is also rising very fast. We are looking to achieve Rs 500 crore by

Updated On : 09 Jan 2024 | 4:51 PM IST

Govt likely to mandate e-invoice for B2C transactions in 2-3 years

The government is likely to make it mandatory for businesses to issue electronic or e-invoice for B2C transactions in the next 2-3 years, an official said on Wednesday. Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoice for their Business to Business (B2B) sales and purchases. The government is planning to extend the e-invoice requirement to B2C transactions as well. Central Board of Indirect Taxes & Customs (CBIC) member-GST Shashank Priya said GST systems have to be upscaled and the work is on to bring B2C (business to consumer) transactions under e-invoicing. We are looking at requirement of e-invoice for B2C. GSTN capacities need to be upscaled. Systems will have to be put in place. We have to see which are the sectors we can start first. It is work in progress but we hope in years to come we will be able to take this forward, he said at an Assocham event. Priya further said businesses with turnover between Rs 5-10 crore are not ..

Updated On : 06 Dec 2023 | 10:37 PM IST

Seeing positive trends in travel, investing in tech: MakeMyTrip Group CTO

Travel is back with a vengeance after the difficult Covid years and online travel company MakeMyTrip has moved beyond the traditional business-to-consumer segment to line up new offerings and new partners, says its group CTO Sanjay Mohan. Over the last few years, we have expanded beyond our usual B2C space, and have become a travel platform, offering travel products to channels outside of our popular, consumer-facing, travel super-app, Mohan told PTI, citing new features such as myBiz for corporate, myPartner for travel agents and myAffiliate for affiliate partners. Moving swiftly to capitalise on the Indian diaspora in the Gulf countries where the brand is quite well-known, MakeMyTrip has also entered the Gulf market, he said. MakeMyTrip, which has a total transacted customer base of over 60 million, continues to invest in technology at a steady pace, he added. "Even during the Covid years, we were investing in technology and building interesting use cases for the ...