IndusInd Bank partners with SunTec to roll out GST

NEW DELHI: 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.