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HDFC Securities Ensures Timely GST Compliance

TCS BaNCS helps HDFC Securities get GST-ready across brokerage computation and accounting

 
Client
HDFC Securities Ltd.
Industries
Capital Markets
Service
Securities Trading

Challenge

HDFC Securities needed to upgrade IT systems and business processes for GST compliance

In July 2017, the Indian government introduced the Goods and Services Tax (GST), replacing the existing indirect taxation system. This sent companies across the country scrambling to realign existing business processes and IT systems with the new regulations. Apart from maintaining jurisdiction demarcations for all transactions, HDFC Securities Ltd. (HSL) needed a solution for storing GSTN numbers state-wise, and bifurcating GST components based on prescribed guidelines.

Keeping these requirements in mind, HSL partnered with TCS BaNCS to deploy a flexible platform that could help them reduce the time to market while fulfilling all compliance requirements. 

Solution

TCS BaNCS enables HDFC Securities Ltd. to meet GST rollout deadline.

. Backed by an extensive understanding of capital markets and indirect taxation norms, TCS BaNCS for Securities Trading (which was deployed at HSL the year before) was customized to tackle the various nuances of GST workflows and compliance requirements such as reproducing contract notes in pre-defined stationery format.

TCS BaNCS helped HSL integrate back-office processes with the global order management and accounting systems, streamlining the method for calculating input tax credits and creating contract notes for facilitating audits and reconciliations.

With TCS BaNCS for Securities Trading, HSL was able to:

  • Establish the equivalent of a state-wise transaction ledger

  • Enable its customers to update their GSTN

  • Accurately capture and quote central, state, and integrated GST amounts

  • Create comprehensive reports for identifying instances of excess GST payment and collection

  • Handle accounts receivable and payable in line with regulatory guidelines

“Both TCS & HSL teams did a great job in implementing GST at HDFC Securities.” – C.V. Ganesh, Chief Operating Officer, HSL

Benefits

HDFC Securities Ltd. achieves GST compliance in record time. 

TCS BaNCS for Securities Trading has helped HSL:

  • Improve ROI and reduce TCO

  • Complete STPs while reducing reliance on manual touch points

  • Achieve 100% compliance with regulations and third-party SLAs

  • Reduce time to market

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