New Delhi, Sep 21 (IANS) Aligned with the Centre’s commitment to foster ease of doing business and build a more inclusive economy, the Government-e-Marketplace (GeM) has announced a significant reduction in the transaction charges levied on sellers and service providers transacting on its platform.
GeM has slashed its transaction fee by almost 33 per cent to 96 per cent which is expected to greatly benefit GeM sellers and service providers to become more competitive.
As per the new GeM policy, all orders valued up to Rs 10 lakh will now attract zero transaction charges, as opposed to the earlier order value ceiling of Rs 5 lakh.
Orders above Rs 10 lakh up to Rs 10 crore will be levied transaction charges worth 0.30 per cent of total order value, as compared to earlier transaction charges of 0.45 per cent, according to a Ministry of Commerce and Industry statement.
Orders above Rs 10 crore will now pay a flat fee of Rs 3 lakh, a massive reduction from the transaction charges previously capped at Rs 72.5 lakh, as per the ministry.
About 97 per cent of the transactions on GeM will attract zero transaction charges, while the remaining will incur a nominal fee at 0.30 per cent of order value above Rs 10 lakh subject to a maximum of Rs 3 lakh only, irrespective of the size of the order.
“This step is a watershed moment in terms of ease of doing business on GeM and is also in line with government’s commitment of reduction in cost of transactions,” the ministry noted.
FY 2024-25 is also a great moment for services sector wherein services sector leapfrogged at a very rapid pace surpassing product GMV by a good margin.
Service GMV of Rs 1.39 lakh crore (as on August 31) is accounting for approximately 65 per cent of the total merchandise value of Rs 2.15 lakh crore for the same period. Several high value service bids have been awarded on the platform.
This surge in services procurement is supported by a large inventory of more than 325 service categories on the platform.
GeM is a unified digital platform that facilitates end-to-end procurement of goods and services by various central ministries, state departments, public sector enterprises, autonomous bodies, panchayats, multi and single state cooperatives, etc.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
