MSMEs Segment in India - Make GST Invoice on Treflo

1. MSMEs Segment in India – We say MSMEs in India are major support system in GDP. MSMEs sever approximately 30% in India’s GDP. Strange, isn’t it? So, what does MSME stand for? How is it growing and glowing? What is next for MSMEs in terms of digitalization? We will look through these and few more important points about it. MSME stand for micro, small and medium enterprises. With around 6.3Cr MSMEs in India, government’s new initiative is to move these more on digital site by having common ecommerce platform for them. Not only government but also startup ecosystem has been focusing on the same. There are many new products offering various services like providing online GST invoices, accounts manageable such receivable and payables with GST compliance, easy online E-way bill registration, inventory management are just to name few. Moving this segment to complete digitalization is ultimate goal and these features are just a step towards that. A major movement by MSMEs was accepting payments through online sources. Acceptance of payment through financial service platforms such as PayTM and Google Pay was remarkable change and a big step to accept the agenda of Digital India. With the emerging technologies and upcoming wave of digitalization these platforms have helped tremendously to MSME segment. Another important feature used by MSMEs is making GST invoices online using software. There are many invoicing software available in market. Some of those can be downloaded like Zoho and then there are webapps which are not needed to be download such as free GST invoice software Treflo. One can log in to this software using your mobile number and GST number. With this kind of ways to use services available we can see India moving towards digital initiatives. Even government has started making certain initiative such as online Eway bill registration. One can make eway bill from government portals such as http://ewaybill.nic.in/ or https://docs.ewaybillgst.gov.in/. Though these portals are to support digital India the process of making E-way bill online is time consuming. As it is having been foreseen by companies like Treflo, they are proposing a solution to make E-way bill in few clicks. As everyone says time is money and at Treflo we believe in saving as much as time and money possible for retailers, traders, wholesalers and all other businessmen that serves MSME segment. Why MSMEs should move towards digitalization? Digitalization in every field such as making invoices online, inventory management software, and making E-way bill online is future growth. Even government has made ecommerce store: Government e-Marketplace (GeM), owned and run by the government, wherefrom Ministries and PSUs (public sector undertakings) source their procurement. In order to have most integrated and clear solutions acceptance of digitalization is must. With the millennials and GenZs taking over the Indian economy in seeable future there will be a big push in towards digitalization. Visit https://treflo.com/ now to make free GST invoice online.

2. To summarize this article, we can say a major part of India’s GDP is being served by MSMEs. Given the wide range of segment any immediate changes are difficult but slowly and gradually it is moving towards digitalization. Whether it be making invoices online or launch e-commerce stores for small businesses, this segment is getting a hold of it. With multiple free and chargeable software in the market, Indian eco system is in continuous efforts to provide more and more digital solutions for MSME segments.