In a bid to achieve GST compliance, private lender RBL Bank has joined hands with SunTec Business Solutions.
The bank has integrated SunTech’s platform Xelerate as a part of its existing technology landscape.
Designed to ensure over-the-top (OTT) solution, Xelerate empowers pre-configured rules that allow itself to be firmly configured irrespective of inter- and intra-State combinations.
The solution secures end-to-end management of Goods and Services Tax (GST) transaction 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,” said K Nanda Kumar, CEO, SunTec Business Solutions.
“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,” said Nanda.
RBL said that the diverse portfolio that the bank handled, necessitated that all taxation-related data is computed and analysed with accuracy to ensure smooth business operations and helps to keep a check on the double taxation.
We are satisfied with the progress with GST compliance, and look forward to a fruitful long-term partnership with SunTec,” said Naresh Karia, CFO, RBL Bank.