Client Overview
India’s largest power generation equipment manufacturer
- Public electrical equipment industry
- Electronic and Mechanical industry
- Supplied thousands of electric locomotives to Indian Railway, Defence equipment
- Annual turnover INR 29 crore
Business Need
Client supplies major equipment’s for several Industries including oil and Gas exploration. As they Procures certain components and CAPEX goods either from International market or domestic they need to fulfill statutory compliance as well as Internal tracking mechanism to ensure the Supply chain function is efficiently strengthened to adopt Goods in Time approach. As they got business operation from Indian Geographical location both outward and Inward shipments which needs compliance fulfilment in the area of Exports, Domestic sales, import procurement which are India specific related aligned with India’s Foreign trade policy regulation and GST Compliance. These compliance part needs to be supported along with the existing ERP solution. Innovals Optisuite SAP add on will help them in addressing these India specific statutory needs.
Challenges Involved
Innoval’s SAP –add on Consist of various modules in the field of Foreign Trade for Exports Imports business process with product name titled as Opti Exim. This solution also takes care of Global Financial Instruments covering Documentary credit, Bank Guarantee and other methods of payment for both Accounts receivable and payable part. Also, OptiGST, OptiEway Bill, OPtiEInvoice are some of the other product offerings by Innoval which helps to comply the legal requirements in India’s Indirect tax system
Benefits
OptiEXIM – Helps to fulfill the compliance requirement governed under Foreign trade development regulation act along with Customs Act. The general compliance requirement for the business units to follow on the Exports (Export documentation / Letter of Credit management) fulfilling Exports Obligation under EPCG/Advance /MEIS/ Duty drawback.) As India is fast moving towards Digital governance, the need of the hour is, Industries should be equipped to exchange data with Govt Departments such as DGFT/ICEGATE /GSTN/NIC for which OptiExim is having the technical readiness. Tracking of Bank Guarantee for both sales and Purchase transaction was the major requirement from them during the previous Implementation proejct , In the latest OptiExim solution BG module is enhanced with additional functionalities such as Linking with Bank Limits, Mail alerts, Application print
On the Indirect tax front, Innoval has developed SAP add-on’s for GST filing, e waybill generation and E-Invoicing.