Practus’ assisted the healthcare company in addressing and clearing the backlog of preparing reconciliation of 2A and 3B for FY 2018-19 with its finance and accounting services.
|Client Name||ROI||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|An Healthcare Company||20X+||Healthcare||PE Invested||Professional||500+||$67 million||6 months|
About The Company
DigiHealth started in 2004, is one of the leaders in the Nutraceutical industry. It offers a range of quality ingredients that are innovative and scientifically validated for dietary supplementation, nutritional fortification, and functional food/beverage applications
Practus’ Role in Performance Improvement
- Provide inputs and participate in UAT for optimizing the GST process in SAP.
- Clear backlog for reconciliation between 2A and GSTR 3B of FY 2018-19, financial statements and GST return, ITC in 2A and ITC in GSTR1, E-way bill and GSTR-3B.
- Filing EOU related refund applications from April 2019 to February 2020.
- Manage and Support GST audit for the FY 2017-18.
- Preparation of reconciliations and responding to notices from department related to mismatch of E-way bill with the GST returns, late filings of GST return for earlier periods, queries regarding HSN/SAC codes, place of supply rules, and rate of tax.
Impact Delivered in Performance Improvement
- Optimization of SAP to include the GST process resulted in 50% time-saving in the monthly activity of return filing. For each filing of GSTR-1 and GSTR 3B.
- Addressed and cleared the backlogs of preparing reconciliation of 2A and 3B of FY 2018-19.
- Successfully filed and received a refund of Rs. 14.06 crores (related to EOU) for the past 11 months in the bank, easing cashflows during the lockdown.
- The current delay in filing refund requests is come down to zero.
- Due to Practus’ intervention & process improvements the team achieved zero delay in completing all reconciliations and filing GST returns on the due date.
- Timely completion of GST audit for FY 2017-18 in a shorter period of one month.