Emami Agrotech Ltd Solved GST return filing issues through Wepsol GST Platform

Company Overview:

Emami Agrotech Ltd is the edible oil and bio-diesel arm of Emami Group of Companies, the Rs. 25,000 cr. business conglomerate headquartered at Kolkata. Emami Agrotech Ltd. has diverse business interests which include production and distribution of Edible Oil, Spices, Specialty Fats, Vanaspati and Bio-diesel. The company is also involved in cultivation of crops that are commercially viable through contract farming.

Executive Summary

Wepsol is providing GST Return Filing Services to Emami Agrotech. The service includes error-free data preparation by consolidating data originating from different sources with 50,000 Line Items/Month and 15 GSTN’s while seamlessly uploading data and generating automated reconciliation reports. Wepsol has always ensured that all GST return filings are completed within due dates.

Challenges

How was Emami handling their GST return filing, prior to onboarding Wepsol?

Emami Agrotech was using services of one of the BIG 4 consulting firms but was unhappy, were not able to scale up with large volume of data leading to missed filing due dates. They were also not receiving required support from the service provider and the software was not user friendly. Hence decided to avail Wepsol Managed GST Filing Service.

Challenges Faced by Emami during GST filing process.

1. Difficulty in data upload of 50,000 Line Items/Month to the GST portal.
2. Data reconciliation was a challenge as vendor data uploads were not happening on time.
3. Data preparation was consuming Emami team’s productive hours and generating errors frequently.
4. Data consolidation from different sources was a tedious task.

How Wepsol Helped? (Service- Wepsol Managed GSTR Filing Service)

1. Turnaround time of x+1 days for preparation of GST returns (x= date on which data was shared by Emami).
2. Data preparation, data validation, data upload, GST reconciliation, and on-time GSTR filing were handled by Wepsol.
3. A seamless solution for large data processing to handle 50,000 Line Items in GSTR-1 filing without hassle.
4. Consolidated report for matched, mismatched, and missing invoices in GSTR-2 and GSTR-2A reconciliation.
5. Supplier compliance matrix for filing status validation was provided.
6. Wepsol helped in Data backup for audit and compliance purposes.

Results

1. Zero missed due dates of GSTR filings since Wepsol started managing GSTR filings of Emami Agrotech.
2. Automated GST reconciliation with outcome in form of detailed and enhanced reconciliation report giving complete insight on matched, mismatched, and missing invoices.
3. Facilitated accurate and 100% eligible Input Tax Credit.
4. Positive impact on cashflows due to substantial saving in input tax credit every month.