Case Study on National Financial Service and Insurance provider in India.

Big Data, Big Tax means enComply

A national financial services and insurance provider selected several offerings from Udyog Software to meet its demand for the GST solution across its entire enterprise. The client operates across several business lines throughout India: Finance, Insurance, Brokerage, Housing, Infrastructure, IT and Asset Management. With such a large breadth of businesses it has multiple ERP systems which operate daily. Some of the systems are specific to each line of the business and some systems are across the entire entity. This complex business and IT structure requires a set of solutions which could meet large data volumes and many concurrent tax filings.

We provided a single solution for the entire enterprise, which met their tax determination, invoicing and compliance needs. Our solution ties together data from systems as diverse as ERPs like SAP and Tally, financial systems like SunTec, and home-grown Business Applications. With a volume of over 1 million transactions per month we provided a solution to handle the tax processing, calculation and compliance needs for the entire group.

Our offerings:

  • AddTax – Tax Calculation and Determination.
  • Transactor – Document generator for each Business Unit independent of Source System.
  • enGST – GST Compliance for each Business Unit.

Our solution creates a single tax integrated solution which unifies the tax ecosystem across the entire enterprise.

Addtax calculates and determines tax for each of the different business units. The rules for Finance and Insurance differ from those in Housing to Infrastructure to IT; so, a solution, which provides the treatments for all industries, saves time and money in terms of research and maintenance. AddTax gives the client a centralized tax decision maker rather than distributing and maintaining across their ERP landscape. Consistent tax rule applications across the business lead to better downstream data for compliance.

Transactor applications are a wrapper which stage data, pass it to AddTax, collect the data and then create tax invoice and information, which can be pushed back into the Financial System. For our client we created tax documents for:

  • Sales
  • Reverse Charge
  • Unregistered Dealer
  • Inter branch Transfer

enComply provided the client with the robust compliance offering it needed to manage the data from so many different source systems. For a business with so many sources of data each system in each line of business had different data formats that it would create. enComply can take this data and consolidate it as per the GSTIN for filing purposes. Our platform can accept, manage and transform the 1 million plus transactions that the client is sending for compliance.

Once the data is inside the platform, the tax teams can immediately start working on reviewing and reconciling the data. Our built in validations will check data against the norms of the GST rules and regulations and highlight problems to the tax team.

A single set of validations is applied to the data for each business which gives clarity and precision to decision makers regarding which transactions need more scrutiny rather than trying to sample the data randomly to ensure quality. The tax team can now follow a process for each business unit or sub-unit for internal compliances. Each step and approval is recorded and tracked against users. This provides actionable information to identify where a problem has occurred.

As the offering is a SaaS offering, as the GST regulations change and the filing requirements shift; the platform updates automatically. Our technology recognizes that while regulations change IT systems do not change so the team adapts their data maps to ensure data quality is maintained for regulations. The changes are versioned over time so that prior returns are not impacted.

This complete offering provides our client a Big Data solution to meet its Big Tax needs. A single end-to-end determination, invoicing and compliance solution across the entire enterprises saves everyone time and money.


Content Courtesy:

Anil Khuruvilla

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

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