Case Study
IRISGST Customer Stories | Parekh Marine Services Private Limited

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Parekh Group maximizes ITC and streamlines reconciliation process with IRISGST.

Parag Parekh,General Manager Accounts & Finance, Parekh Group says that “Choosing a solution that does both GST’s regular monthly Compliance and E-invoicing wasn’t easy for us. We needed a hassle-free and quick solution and glad we selected IRIS GST.

It’s been 4 years and the team has been offering prompt support for all our requirements. The ease of operating the software and easily connecting to our ERP solution is the key strength of IRIS. The changes that are coming for GST compliances & filings, can be easily incorporated without changing the framework of our ERP system. IRIS GST helped us address the issue on a real time bases. Thus, the quality of our GST filing improved and we managed to meet our GST compliance on time. Apart from this, the team has been diligently helping us with GSTR 2A reconciliation with our purchase data to monitor our vendor compliance. With this, we are able to maximize our ITC and the process has been seamless.”

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Introduction

The Parekh Group is a family-owned institution that promotes and applauds values that help them remain agile and maintains their customer-first approach. The company needed a GST solution that matched company values and could take on the complexities of their multiple business lines and data of a huge customer base.

Company Structure:

Given the size of the company, they have different PANs for all the four verticals. The shipping, vessel owning and hospitality verticals have 6-7 GSTINs each corresponding to their presence in Maharashtra, Gujarat, Andhra Pradesh, Telangana, Tamil Nadu, Delhi, West Bengal and Kerela while the logistics vertical has 2 GSTINs for Maharashtra and Gujarat. 

Decentralized Filing, Centralized Compliance:

The GST Return filing happens at the state level (state offices) while the reconciliation, as well as the overall success of the project, is monitored at the vertical level and finally supervised at the group level. The group has been meeting GST Compliance since 2017 using IRIS Sapphire.

SAP Integrated E-Invoicing Solution:

Given the AATO rule, the Parekh group falls into companies with Rs. 100-500 Cr. turnover category. Their e-invoicing was supposed to go LIVE from 1st Jan 2021 and needed help with e-invoicing.

They use eBMS Solutions Pvt. Ltd as their ERP. eBMS is a leading enterprise solution provider for the shipping and logistics domain. The solution offers integration with External Entities- XML, UN EDIFACT, CSV, Excel, SAP, Oracle, MS AX, Nav, etc. IRIS has partnered with eBMS to provide integrated solutions to its clients for ease of operations at the customer level.

About Parekh Group

Established six decades ago, Parekh Group has evolved into a world-class conglomerate today with 13 companies operating across four diverse verticals – shipping, logistics, vessel owning and hospitality. They cater to both national and international clients with end-to-end services.

Industry: Shipping, Logistics, Vessel owning and Hospitality

Company Size: Large scale : 13 Companies

Location: India

Software: GST Return Filing , e-invoicing

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Challenges

Business Hierarchy
Unlike other companies with single PAN and multiple GSTINs, Parekh Group has multiple PANs. And they wanted to provide edit access to users at the GSTIN level to those who need to prepare the returns. These individual GSTINs are monitored at the PAN level by respective vertical heads. And all these PANs are then monitored at the group level. This same hierarchy and control mechanism was to be replicated for GST Compliance as well.
Technology
In terms of technology, they did not want to get into complexities, hence they wanted an easy upload feature for GST compliance. For e-invoicing, the requirement was for a software that easily connected to their ERP and the integration needed to be done without any hassles.
GST Implementation
Another big issue was that the team needed guidance with constant GST changes with respect to the notifications, circulars and introduction of new forms and laws along with their implementation.
Easier Reconciliation
The expectation was to have easier reconciliation modules to maximize ITC claim.

Solution Offered

GST Compliance:
The Parekh Group partnered with IRISGST in 2017. They use eBMS as ERP. There are multiple stakeholders due to multiple verticals and we implemented the solution with the business hierarchy specific to the group hierarchy.

IRIS has partnered with multiple ERP vendors for different industries, eBMS is one of them. EBMS being our partner, the data exported out of the ERP is already in a ready to use format for IRIS Sapphire.

Onboarding support:
It has been four years and the IRIS team has been helping Parekh group with all the requirements promptly. Not only is the monthly GST compliance being taken care of, but guidance regarding the latest GST updates and changes have also always been a priority in IRISGST’s support activities. Assistance for the implementation of the GST changes has also been done satisfactorily always. The changes that are coming for GST compliances and filings are also easily incorporated without changing the framework of their ERP system, all through IRIS Sapphire.
Reconciliation and ITC maximization:
The quality of invoice data for the group as a whole has improved significantly over the years and the team is able to manage the liabilities timely and appropriately. On the reconciliation front, the IRIS GST team goes the extra mile to help with the GSTR 2A reconciliation with purchase data and even monitor vendor compliance. With this, the Parekh Group has maximized ITC and the process has been flawless.
GSTR 3B:
The Group uploads invoice level details in GSTR 1 but for GSTR-3B reporting, they needed the total liability consolidated under various heads i.e. the data has to be bifurcated as

  • Totals for B2B and B2C separately
  • Total of export transaction and SEZ transactions separately
  • Total of all non-GST transactions
  • Total of nil-rated and exempted transactions to be shown separately.

The calculation logic for these total liabilities is also very complicated. It has to be uploaded for each and every GSTIN separately on GSTN.

However, IRIS Sapphire gave a wonderful solution to this problem. The support team not only calculates values from GSTR-1 but also from the purchase register that the Parekh Group team uploads on IRIS Sapphire and thus have a readymade GSTR-3B for the team to work on. IRIS has also provided an option to edit the auto-computed values. This entire calculation is available on GSTIN-level as well as PAN-level.

At IRIS GST we can upload GSTR-3B at PAN level.

E-invoicing:
Parekh group is using IRIS ONYX for e-invoicing. IRIS GST has been diligent with offering e-invoicing support as well from the very beginning. Right from smooth ERP integration to generating IRN, everything has been made seamless. IRIS GST has helped Parekh Group to generate e-invoices in real-time smoothly without any hassles despite their large number of transactions with IRIS Onyx’s seamless technical support.

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Mandeep Kulkarni

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