Express Computer
Home  »  News  »  IndusInd Bank partners with SunTec to roll out GST

IndusInd Bank partners with SunTec to roll out GST

0 411

SunTec offers its Flagship ‘Xelerate for GST’ end-to-end solution to help the Bank become GST compliant

IndusInd Bank has partnered with SunTec Business Solutions to facilitate in computing and invoicing of Debit Tax and Credit Tax. This partnership would be targeted to enable IndusInd Bank with a smooth transition with the various drafts of the GST Act and provide uninterrupted service to its customers.

This announcement comes at a crucial juncture when India has just rolled out a historic reform on 1st July 2017 – the GST Act – shedding a complex, multiple-tax system in favour of a simple, unified one.

SunTec’s Xelerate for GST is uniquely designed to be an over-the-top (OTT) solution which easily integrates into IndusInd Bank’s existing IT Landscape. This ‘out-of-the-box’ solution can be nimbly configured and will enable banks and financial institutions become GST ready.

As a part of the agreement, for the computation of GST liability of the Bank, SunTec will help in analysing data from various sources for tax computation and invoicing purposes including tax segregation, tax accounting, generating tax invoice and all process involved in data filing for return management. The Credit Tax Scope would involve extraction of expense information in the computation of input services, computation of input tax credit, calculation of reverse charge tax, inter-branch transactions, invoicing and taking the date to GST extracts.

Commenting on the customer win, K Nanda Kumar, CEO at SunTec said, “We are delighted to be the partner of choice for IndusInd Bank in their journey to GST Compliance. Our proven technology agnostic product suite will enable a new generation bank like IndusInd Bank render seamless business value and benefits to its customers. Xelerate for GST has been designed specifically to ensure that our customers find it convenient to become GST compliant with least amount of interference to their existing infrastructure and carry on with business as usual.”

“Since GST is a technology driven system where every transaction from invoicing to payment of tax has to be done digitally, at IndusInd Bank we strive to give our customers the highest level of digital experience, and decided to partner with Suntec systems, a leading IT solution provider. Our partner matches our expectation to provide unified connectivity, well computed, accurate & analysed data to adopt the new digital platform.” said  Mr. S V Zaregaonkar, Chief Financial Officer, IndusInd Bank.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

LIVE Webinar

Digitize your HR practice with extensions to success factors

Join us for a virtual meeting on how organizations can use these extensions to not just provide a better experience to its’ employees, but also to significantly improve the efficiency of the HR processes
REGISTER NOW 

Stay updated with News, Trending Stories & Conferences with Express Computer
Follow us on Linkedin
India's Leading e-Governance Summit is here!!! Attend and Know more.
Register Now!
close-image
Attend Webinar & Enhance Your Organisation's Digital Experience.
Register Now
close-image
Enable A Truly Seamless & Secure Workplace.
Register Now
close-image
Attend Inida's Largest BFSI Technology Conclave!
Register Now
close-image
Know how to protect your company in digital era.
Register Now
close-image
Protect Your Critical Assets From Well-Organized Hackers
Register Now
close-image
Find Solutions to Maintain Productivity
Register Now
close-image
Live Webinar : Improve customer experience with Voice Bots
Register Now
close-image
Live Event: Technology Day- Kerala, E- Governance Champions Awards
Register Now
close-image
Virtual Conference : Learn to Automate complex Business Processes
Register Now
close-image