Exceptional Benefits of gem registration For Sellers And Buyers

GeM portal (Government e-Marketplace) is a government-launched online platform via which the government releases bids for various day-to-day needs of government agencies, public sector enterprises, and ministries.

The primary objective and benefits of gem registration of the GeM portal are to increase public procurement transparency, efficiency, speed, and employment. By registering on this site, sellers and buyers can purchase or sell goods to the government.

Government E-Marketplace was established based on the Group of Secretaries' suggestions to the Honorable Prime Minister. In the initial phase, the pilot project for GeM is made available to Central Government Departments and CPSUs in Delhi/NCR.

Based on the lessons learned, the portal will be expanded to other regions of the nation. In addition, a full-fledged version of GeM is expected to be available by March 2017, following a detailed investigation by a consultant and the hiring of a Managed Service Provider (MSP).

By establishing a new Rule No. 141-A to the General Financial Rules, 2005, the Ministry of Finance has already permitted Government users to make purchases via GeM.

Government eMarketplace is a huge platform where merchants advertise their goods and services, and any government department, ministry, or public-sector organization can purchase them.

It functions identically to any other e-commerce marketplace, such as Amazon or Flipkart; however, in GeM, the only buyers are government agencies, and sellers can be registered on the GeM portal.

The GeM registration procedure for companies is simple and streamlined, and there is no registration charge.

However, the government has implemented a plan for monetization that depends on sales volume and service quality.

GeM portal provides some of the most sophisticated B2B eCommerce capabilities, including e-auction, reverse e-auction, market aggregation, stringent quality control, total transparency, and more.

Benefits of gem registration For Sellers

Here are some benefits of gem registration for sellers:

Full access to a consolidated, national procurement portal. This results in a significant expansion of commercial prospects throughout India.
Zero registration fee.
Special quotas and benefits for micro, small, and medium-sized enterprises (MSMEs) and startups, including assured procurement in certain categories.
There is no documentation required as the entire procedure is conducted online.
Process of brand awareness and brand acceptance in the East
A sophisticated online grievance resolution mechanism is accessible to all vendors and purchasers.
The dashboard is simple to use for monitoring sales and analyzing patterns.
Additionally, sellers from Northeastern states and Jammu and Kashmir are free from reporting ITRs.
Dynamic pricing will rely on market circumstances and the demand-supply ratio.

Benefits of gem registration For Buyers

Here are gem registration benefits for buyers:

Provide clarity and convenience of purchase.
Provides extensive product listings for the many categories of goods and services.
Price Trends and Multiple Suppliers' Price Comparisons
Notifications are sent directly to vendors.
System of Integrated Payments
An intuitive interface for tracking supply and payments.
A system for online grievance redress that expedites settlement.

How does GeM benefit MSMEs?

About 26 percent of registered sellers and vendors on the Government e-Marketplace are MSMEs. The administration hopes and is trying to increase this number following the adoption of the budget.

The online platform seeks to recruit many MSMEs as part of its MSME outreach and assistance campaign.

The government seeks to expand the availability of financing to small and medium-sized enterprises to stimulate and facilitate their participation in GeM. This action is done specifically for startups.

The government e-marketplace is now also focused on service industries such as analytics, inspection, webcasting, and transportation. This government portal is only one indication of how ubiquitous internet buying has become in India.

The government e-marketplace has eliminated time-consuming additional verification layers. This greatly decreases government procurement lead times. Similarly, MSMEs may register quickly and take advantage of these new prospects. In addition, their registration with GeM eliminates the need for intermediaries.

In the preceding two years, the government e-marketplace has provided MSMEs access to more potential suppliers, expanding their market reach.

In addition, GeM has aided in employment creation; the platform has aided in creating and maintaining government positions.

Reasons Why To Buy on GeM

Government e-Marketplace (GeM) was introduced in 2016 to revolutionize public procurement in India. Historically, public procurement was plagued by problems such as lack of transparency, non-standardization of methods, and inefficiency.

As a result, the Government of India intended to construct a transparent and effective digital platform linking merchants nationwide with government purchasers.

With the introduction of GeM, Central Ministries, PSUs, and companies have access to millions of Indian vendors. Currently, approximately 38 million vendors and service providers are registered on GeM.

A technology-enabled platform like GeM does not need registration or bidding fees, allowing buyers to register in minutes and then explore the portal's products and services. Here are several reasons YOU should purchase on GeM:

Contactless and paperless

All GeM processes are digital, and manual interaction is not required. It includes a free registration option, allowing all government buyers to use the portal without difficulty.

It requires no paperwork or human interaction; all required is to register, log in, search, see, compare, and purchase the necessary goods and services.

A large number of sellers and products

GeM has millions of registered vendors across India with millions of items. Additionally, it includes over 10,000 categories and over 48 million goods. Registration and product listing are free of charge for vendors.

Every vendor must comply with 'Country of Origin,' which requires them to demonstrate that all substances used in producing goods or services are of Indian origin. This helps us achieve our goal of becoming "Aatmanirbhar Bharat."

Many choices, easy selection

With vast goods and services available, picking the one that best meets your needs is simple. The catalogs accessible to all purchasers on GeM are based on golden parameters, which facilitate search, selection, and cost evaluation.

Since a huge and comprehensive listing is available, you may search and compare items and services using various criteria, such as financial, administrative, and technological characteristics.

Technology-driven portal

The state-of-the-art portal is developed with the most up-to-date technology and is expandable on the cloud. Advanced use cases are further enhanced by artificial intelligence and machine learning technologies. The site is accessible 24 hours a day, seven days a week, for transactions between buyers and sellers.

Quality of products on GeM

To ensure consumer satisfaction with the products and services obtained, GeM has implemented procedures such as vendor evaluation, market sanitization, etc., to guarantee quality products and services reach its customers, leaving no room for low-quality items.

In addition, after verification, including evaluation of quality and quantity, you must produce an online digitally signed Consignee's Receipt & Acceptance Certificate for that step within 10 days of the day you issued the Provisional Receipt Certificate (PRC).

Short bidding and delivery time

In GeM, bids may be produced and published in record time. The buyer can choose the delivery period based on his needs. During the Corona crisis, GeM lowered the bid and delivery period for Covid items such as oxygen kits, cylinders, and concentrators.

There is no human involvement in ordering products or services online or producing contracts. GeM enables you to acquire based on your determined choice and requirements without involving a third party. The entire procedure is conducted online and without paper and can be followed on the portal.

Integrated payment system

As part of the payment system, GeM has integrated with Banks (Gem Pool Accounts – GPA), allowing you as a buyer to execute online payments.

In addition, GeM has been connected with CPSUs and PSUs, allowing them to keep their ERPs up to date about GeM procurement information. All of this occurs without human interaction, which greatly assists purchasers.

User-friendly dashboard

The goal of GeM is to make purchasing simple for you. You, as a buyer, have access to a personalized dashboard loaded with all contemporary features. You may use the dashboard to keep track of supply, payments, and procedures in general.

Required Documents for GeM Registration

Aadhaar Card and PAN Card
The mobile number is associated with the Aadhaar card.
Business objective
E-mail I'd
Previous three year's income tax return
Three years balance sheet of the company
Service Tax registration number
Current bank Account
MSME Certificate

Conclusion:

As you can see, GeM is the platform for all government buyers and sellers to transact business. GeM has made all government purchases easy and efficient and there are many gem registration benefits. I hope this will prove beneficial for you in the future and if you have any queries, please feel free to ask.

Good luck with your future endeavors!