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SunTec Business Solutions has helped RBL Bank achieve GST compliance by integrating its Xelerate platform into the bank’s existing technology landscape.
Designed to be an over-the-top (OTT) solution, Xelerate boasts pre-configured rules which allow itself to be nimbly configured irrespective of inter- and intra-State combinations.
The solution ensures end-to-end GST transaction management by enabling derivation, segregation, computation, application and reversal of GST-related charges in a centralised manner.
RBL Bank has gone live with the solution for GST management, which will bring out the indirect taxation logic by orchestrating transactions and related complex taxation changes associated with the GST Act in debit/credit tax spaces. The announcement comes at a crucial juncture, post roll-out of GST, according to K Nanda Kumar, CEO, SunTec, said.
“With regulations like GST already in force, it is clear that banking and financial institutions must adapt to lean processes and technological solutions to improve service accuracy.”
Naresh Karia, CFO, RBL Bank, said that the diverse business portfolios the bank handled necessitated that all taxation-related data is computed and analysed with accuracy to ensure smooth business operations and keep double taxation in check.
“We are satisfied with the progress with GST compliance, and look forward to a fruitful long-term partnership with SunTec,” he added.
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