An Europe based large global bank that has operations in India has selected Udyog’s GST solution to address it complex tax footprint. Our client opted to move away from a siloed approach where they would implement, manage and maintain the tax and regulatory rules and definitions within each of their different IT systems. This duplication of effort leads to added effort and an increased chance of mistakes. Our approach reduced the maintenance and created a single tax ecosystem for their entire organization.

The requirements presented were to determine and calculate GST; generate taxed documents such as invoices and tax information for a variety of businesses; file GST returns across the organization.

The Udyog GST Solution addresses these needs through a mix of powerful offerings:

  • AddTax – Tax Determination and Calculation Service.
  • Transactor – Taxed Documents Generation for each Business Unit.
  • Invoice Dispatcher – Digitally Sign and Email Invoices to customers.
  • enComply – GST Compliance for each Business Unit .

This solution is a single integrated tax solution which creates a tax ecosystem across four source systems and 11 business entities. The ERP solutions vary from commercial ERPs to custom banking and billing solutions. The additional challenge was the client required the software and applications to be deployed inside their organization. Unlike many competitors in the market, our solutions can be deployed on the cloud as well as on-premise.

The solution provides tax determination, invoicing and compliance for the organization.

Addtax provides one point for the tax knowledge to be centralized across the business. As a result, tax rules are applied consistently across all the client’s business lines in India. AddTax contains a rules engine which applies tax decision dynamically. The underlying rules and data are updated from Udyog. The combination of automatic updates and a single tax decision engine reduces maintenance demands on tax, IT and finance.

Transactor is the interface through which the source systems interact with AddTax. It stages the data, passes it to the tax engine and collects it and creates tax documents and tax information. The tax information is passed back to the financial applications and the tax documents are ready to be used for customers. Specifically, for this client our solution is able to generate tax documents which can be used for:

  • Sales
  • Reverse Charge
  • Unregistered Dealer
  • Inter branch Transfer
  • Forex Charges
  • Exports

Transactor allows an interface to create accounting entries which feed back into each of the General Ledgers across the ERP landscape. Finally of special importance to the banking sector an application was created to handle the challenges of Input Service Distribution.

AddTax and Transactor when combined take source data and create multiple output formats which are consistently created for customers, systems and compliance.

While some of the outputs are used for invoice printing, the same outputs are used for tax compliance within enComply.

Invoice Dispatcher is an add-on application designed and developed for electronic documents transfer.

The Invoices and other taxed documents generated are sent to customers using the Invoice Dispatcher Utility. The Customer’s email is configured in the customer master maintained inside the application. There is also a provision to digitally sign the invoice documents by the authorized signatory and deliver them to customers. Also, all the entries of successfully sent invoices can be viewed through a separate web interface for monitoring and investigation purpose.

enComply allows the client’s tax and finance teams to take data into the system and then follow a customized workflow for tax return processing. The team reviews the data and ensures it is correct and completes the returns processing system from a single point. enComply allows for role based permissions and a multiple organization setup which allows the teams to access multiple views of data. This system is configured to allow for the users to have different rights based on the workflow created, and the system’s applications can be updated to meet the changing regulations of the GST.

This combination of integrated products can be used by businesses individually or together to increase accuracy and reduce maintenance across organizations.

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Content Courtesy:

Anil Khuruvilla

Chief Content Officer at Adaequare (Parent company of Udyog Software).

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