EY and SAP today announced that DigiGST®, EY’s GST compliance solution, is now available on the SAP Cloud platform. The solution provides high level of integration with user ERP systems to facilitate GST compliance in a holistic manner. It also offers better performance and best-in-class security capabilities with the help of in-memory computing.
The introduction of e-invoicing, as approved by the GST Council, and the proposed new GST return system, due from April 2020, mandates an integrated approach towards compliances and necessitates a significant change in tax commercial and finance work processes. Organizations need to handle multiple requests real-time, while, ensuring reconciliations of both procurements and revenue reported on the GSTN portal with internal books. For a successful migration, Organizations need to re-evaluate the adequacy of their existing compliance processes, its stability and flexibility to adapt to such regular legislative and procedural changes. Failure in doing so, can be disruptive for any organisation. EY has brought its entire experience in dealing with the most complex operations of the user and its deep tax domain knowledge to develop a solution with SAP that will enable Organizations to meet these granular and accurate reporting requirements in a seamless and efficient manner.
EY India is a market leader in GST services with its flagship ASP-GSP solution, DigiGST®, serving 1000+ companies in their regulatory compliance. Venkatesh Narayan, Partner and National Leader, Tax, Technology and Transformation, EY India, said, “The EY-SAP alliance will offer the same level of assurance in terms of data quality and conformance with GST rules, experienced by existing DigiGST® customers. By creating two-way integration with client SAP systems, DigiGST® on SAP Cloud Platform will give end users a seamless experience of working on GST compliance. All menu options such as analytics, workflows, compliance summaries and management of individual transactions available on the Cloud platform are also available on the client SAP menu options.” Talking about the alliance with SAP, he further added, “SAP is a world leader in enterprise solutions and the platform of choice for leading enterprises in India and worldwide. The partnership with SAP, will help us further strengthen our market lead and provide more advanced services to our clients for end-to-end GST compliance.”
“Goods & Service Tax (GST) is the largest indirect tax reform introduced to change how Indian enterprises conduct business. With GST 2.0 progressing there will be a slew of changes like IRN and simplified reporting. EY DigiGST® solution on SAP Cloud Platform technology will deliver real-time integration to backend ERP, capable of handling complex reconciliation, providing accurate as well as timely reporting,” stated Anand Raisinghani, Vice President - Platform & Technologies, SAP Indian Subcontinent. “EY on the SAP Cloud Platform are geared to deliver business critical application, on a robust, full-function platform to ensure India Inc. is keeping pace with changing regulations.”
EY’s DigiGST®, an intelligent and intuitive tax automation solution, offers comprehensive GST compliance. It also reviews critical finance functions, for mitigating existing tax risks. It ensures data privacy via secure end-to-end data encryption. It also has over 200 intelligent validation capabilities, including duplication checks, GSTN and point of sale (POS) validations. It allows the flexibility for customization and has a robust in-memory multi-level reconciliation for timely error detection and appropriate credit availment. This can reduce working capital blockage through appropriate tax payment, timely credits and reporting, and help an organization achieve optimal cost of compliance.