GST numbers 'may take 4-5 months to reach pre-Covid levels'

Vinson Kurian Thiruvananthapuram | Updated on August 11, 2020 Published on August 11, 2020

Achieving 80 per cent reassuring, says IVL CEO Sunil Gupta

Innoval Digital Solutions (IVL), a leading player providing solutions for indirect taxation, international trade, E-way bill, digital signature and e-invoicing, expects the GST numbers to take another four to five months to come anywhere closer to pre-Covid-19 levels.

It is, however, reassuring that they are currently approaching the 80 per cent-mark, says Sunil Gupta, Founder, CEO and Director.

Green shoots

Gupta told BusinessLine that he has been able to find green shoots in terms of adoption of digital transformation initiatives by companies. Covid-19 has only accelerated that process. “Companies have adopted the digital model of remote working and are digitising processes of supply chain. This will get streamlined and stabilised over next six months,” he said.

Periodic changes in rules

For instance, IVL has recently implemented OptiGST, a product for very large companies and updates it periodically as per government notifications. “Over the past four years of GST implementation, the Centre has made several changes and we quickly incorporate them for customers to comply with. A few more changes are expected before October 1,” he added.

IVL has its own digital compliance framework based on which it has built a range of products for several for indirect taxation, international trade, E-way bill, digital signature and e-invoicing. These have been tailored to cater to Indian regulations and statutory compliance, Gupta said.

SAP partner for 25+ years

“Our uniqueness is secured data, seamless integration with SAP ERP and online communication with government portals such as like GSTN, NIC, IRP, ICEGATE and DGFT sites,” he explained.

Based out of Thiruvananthapuram, Mumbai and Bengaluru, IVL has helped companies with large-scale digital transformation solutions by building intelligent enterprises using SAP and digital technologies.

IVL has been a SAP partner for the last 25+ years and running, developing SAP-based certified add-on products and providing various application management services. Its products fall into taxation and international trade categories.

In the taxation domain, it offers OptiGST for indirect taxation and OptiEway bill to cater to the statutory requirement during the movement of goods. OptiE-invoice is a product that caters to the recently announced government mandate and has received excellent traction. It has also witnessed a high adoption rate.

Integrated e-invoicing product

According to Gupta, IVL was the first in India to immediately bring such an integrated e-invoicing product as soon as the government announced the technicalities and specifications. Looking at the rising adoption of digital signature solutions, IVL designed OptiSign that allows customers to sign on-the-fly any documents generated from the SAP system.

This product will likely witness more adoption, given the current state of lockdown, he said. In addition to the portfolio primarily for SAP customers, IVL offers a few digital SaaS-based products using cloud computing technologies.

These include Xemarks for marketing activities workflow; OptiLIMS for the laboratory management system; and CareGo for managing surface transportation logistics system and an e-invoicing platform.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on August 11, 2020
This article is closed for comments.
Please Email the Editor