{"id":18727,"date":"2024-09-21T20:07:33","date_gmt":"2024-09-21T14:37:33","guid":{"rendered":"https:\/\/matribhumisamachar.com\/en\/?p=18727"},"modified":"2024-09-21T20:07:33","modified_gmt":"2024-09-21T14:37:33","slug":"gem-celebrates-100-days-of-governance-announces-drastic-reduction-in-its-transaction-charges","status":"publish","type":"post","link":"https:\/\/matribhumisamachar.com\/en\/2024\/09\/21\/gem-celebrates-100-days-of-governance-announces-drastic-reduction-in-its-transaction-charges\/","title":{"rendered":"GeM celebrates 100 days of governance; announces drastic reduction in its transaction charges"},"content":{"rendered":"<p style=\"text-align: justify;\">Aligning with the Government\u2019s ongoing commitment to foster ease of doing business and build a more inclusive economy, Government e Marketplace (GeM) has recently announced a significant reduction in the transaction charges levied on Sellers \/ Service Providers transacting on its platform. This bold move was part of Govt\u2019s 100 days initiative.\u00a0 Accordingly, GeM has announced a New Revenue Policy of the portal which was given effect to from 9<sup>th<\/sup>\u00a0August 2024.<\/p>\n<p style=\"text-align: justify;\">As per this Policy:<\/p>\n<p style=\"text-align: justify;\">All orders valued up to \u20b910 Lakh will now attract zero transaction charges, as opposed to the earlier order value ceiling of \u20b95 Lakh.<\/p>\n<p style=\"text-align: justify;\">Orders above \u20b910 Lakh up to \u20b910 Crore will be levied transaction charges worth 0.30% of total order value, as compared to earlier transaction charges of 0.45%.<\/p>\n<p style=\"text-align: justify;\">Orders above \u20b910 Crore will now pay a flat fee of \u20b93 Lakh, a massive reduction from the transaction charges previously capped at \u20b972.5 Lakh.<\/p>\n<p style=\"text-align: justify;\">Nearly 97% of the transactions on GeM will be attracting zero transaction charges, while the remaining will incur a nominal fee @0.30% of order value above \u20b910 Lakh subject to a maximum of \u20b93 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\u2019s commitment of reduction in cost of transactions. In a single stroke, GeM has reduced its transaction fee by almost 33% to 96% which is expected to greatly benefit GeM Sellers\/ service providers to become more competitive.<\/p>\n<p style=\"text-align: justify;\">The latest transaction fee structure is aimed at democratizing access to public procurement ecosystem. It aims to particularly benefit MSEs, which often face challenges navigating cumbersome financial and operational barriers. By considerably lowering transaction charges, GeM aims to level the playing field, thereby creating opportunities for small-scale businesses to deliver value and innovation in public procurement.<\/p>\n<p style=\"text-align: justify;\">FY 2024-25 is also a watershed 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 31<sup>st<\/sup>\u00a0August 2024 is accounting for approximately 65% of the total Merchandise Value of \u20b92.15 Lakh Crore for the same period. Several high value service bids have been awarded on the platform.<\/p>\n<p style=\"text-align: justify;\">This surge in services procurement is supported by a large inventory of 325+ service categories on the platform. Coupled with its user-friendly interface, GeM has made it easier for government buyers to evaluate, select and engage service providers on the basis of their tailored needs. The platform\u2019s transparent e-bidding processes ensure fair competition, while ensuring that government buyers find the right partner for their specific requirements.<\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><strong><u>About GeM:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">Government e Marketplace 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 &amp; Single State Cooperatives etc.\u00a0Our Prime Minister\u2019s concerted efforts to harness the power of digital platforms to achieve \u2018Minimum Government, Maximum Governance\u2019 led to the genesis of GeM in 2016. The online portal was established with a clear objective to eliminate age-old manual public procurement processes that were riddled with inefficiencies and corruption.<\/p>\n<p style=\"text-align: justify;\">GeM\u00a0provides a paperless, cashless and contactless ecosystem for government buyers to directly purchase products and services from pan-India sellers and service providers through an online platform. GeM covers the entire gamut of procurement process, right from vendor registration and item selection by buyers to receipt of goods and facilitation of timely payments.\u00a0GeM was envisioned to utilise the agility and speed that come along with a digital platform created with a strategic intent to reinvigorate public procurement systems and bring about a lasting change for the underserved as well as the nation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aligning with the Government\u2019s ongoing commitment to foster ease of doing business and build a more inclusive economy, Government e Marketplace (GeM) has recently announced a significant reduction in the transaction charges levied on Sellers \/ Service Providers transacting on its platform. This bold move was part of Govt\u2019s 100 days initiative.\u00a0 Accordingly, GeM has &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[136],"tags":[14531,14530,14529,7178],"class_list":["post-18727","post","type-post","status-publish","format-standard","","category-national","tag-e-procurement-in-india","tag-gem-platform-update","tag-gem-transaction-fees","tag-government-e-marketplace"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GeM celebrates 100 days of governance; announces drastic reduction in its transaction charges - Matribhumi Samachar English<\/title>\n<meta name=\"description\" content=\"Learn about the recent celebrations at GeM as it marks 100 days of governance and announces a significant decrease in transaction charges. 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