With governments such as India and Brazil among others investing in technology to automate tax, customs and other compliances at a rapid paceover the last few years, the Tax and GRCrisks continue to escalate. Companies around the world are confounded by the myriad of laws that are subject to continuous change and find it strenuous to keep a track of these laws. Moreover, these regulations consumes disproportionate amounts of board time, from correcting non-compliance and preventing further sanctions to implementing structural changes to meet new rules.

Post-haste its inception in 1993, Mumbai headquartered Udyog Software realized that the Tax and compliance management domain was likely to revamp frequently.With this foresight, Udyog Software designed, developed and launched a unique tax automation Platform that considerably cuts down the time frame to amend existing tax regulations and add new tax regimes onto the platform. The company invests in refining their Tax and Compliance Automation Platform, so that any business automation system that uses software such as SAP, Oracle will not require localization of Indian Tax rates, Rules or electronic filing. The platform automates Excise tax for Manufacturers and Traders; CST, Service Tax, TDS, VAT for India. Udyog Software’s Tax Processing and Liability Computation platform, iTAX reduces Audit potential while minimizing the ERP customization and transition management costs. “iTAX addresses the need to manage and customize tax and compliance requirements which otherwise becomes tiring as most tax teams works on spread sheets and other means which leads to impracticality in making changes within the ERP” says, Pavan Peechara, CEO, Udyog Software.

Economically advocating companies TAX pain points

Udyog Software’s Export-Import (EXIM) solutions are availed by Customs handling agencies and Export traders. The solution automates Export Incentive Schemes such as, Duty Draw Back, Export Promotion Capital Goods and Advanced authorization along with new FTP procedures like SIES and MIES. Udyog Software’s EXIM platform is easy to customize and implement any industry specific processes for various advanced business requirements. While Taxilla is extended by Udyog Software as a comprehensive solution to the e-filing requirements of companies, Visual Udyog is especially aimed at SMEs. Itcomes with Integrated Indian tax and compliance that is completely automated with essential business automation features. It reduces reliance on small vendors or freelance service providers to implement or support such software thereby resulting in downsizing the total cost of ownership.

Chosen by MNCs like Nivea, Rhodia, Avery Dennison, BASF, and many more, Udyog Software intends to be the first to launch complete GST solutions in India. A recipient of the CIO Choice award for the last three years in a row, Udyog Software believes that through their hard work, sustained efforts and ingenious solutions,they will be able to help their clients acquire huge dividends in the coming years while remaining a luminary in the GRC domain.