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Good & Service Tax (GST) Rules & GST Compliance Solution Requirements for BFSI are unique in nature and it cannot be completely fulfilled by General GST Compliance Software used by Tax Practitioners and Tax Consultants.

BFSI’s income emanates from Service Charges for which Banks have to later create B2B, B2C Invoices. Similarly, the BFSI have been allowed 50% ITC for the tax paid which is very difficult to decide since most of the banks are failing to reconcile their Purchase Registers from multiple branch locations with a single GSTR2A downloaded from GSTN. There are many more important aspects of GST Compliance Regulations / Rules applicable to BFSI Sector which may lead to subsequent GST Audit Non-compliances, penalties, Loss of ITC to Bank etc.

GST Compliance is a statutory requirements and Banks have to meticulously follow the each and every rule applicable to BFSI to avoid any penal actions. GST Compliance is a Vast Scope, needs continuous updating, and cannot be part of CBS Systems used by Banks. At the same time, GST Compliance Software needs to be seamlessly integrated with Bank’s CBS System to push and pull the transactions data in income and expenditure.

About SoftGST Solution for BFSI

  • Browser Based / Web based solution
  • 50+ installations in Banks.
  • Multi-Branch, Multi-State, Multi-GSTN Operations of the Bank.
  • SoftGST Support Open Architecture; APIs to integrate with Core Banking Software (CBS) at the Bank.
  • Trust Systems being GSP, seamless integration with GSPIndia GSP.
  • Quick ROI
  • Real time information
  • Configurable UI / Parameterization

Key Functionality of SoftGST for BFSI

  • Utility to Import ‘Service Charges Income Transactions’ data from bank’s CBS in prescribed CSV formats
  • Invoice Generation Utility to generate State wise (i.e. GSTIN wise), Branch wise B2B & B2C invoices for the ‘Service Charges Income Transactions Data’ imported.
  • Utility to import the ‘Service Charges Reversal Transactions’ from Bank’s banking software; Utility to create Credit Notes from the reversal transactions.
  • Utility with Email Gateway Integration to email digitally signed Invoices (B2B) to bank’s business customers.
  • Recording of all Purchase Invoices for the Purchases at all branches of the Bank to build Purchase Register for the bank.
  • API Based Integration with Bank’s banking software to Post the Purchase Invoices from SoftGST System to Bank’s banking software.
  • Utility to import NPCI Charges file and generation of invoices.
  • Facility to Identify HSN codes associated with services where RCM is applicable. Computation of RCM on the Purchase Invoices of such services viz: Lawyer Professional Services, Director Meeting Allowance etc.
  • Invoice generation against misc. income like scrap sale, asset sale, tender form fees etc.
  • Computation of 50% ITC based on Purchase Reconciliation of Bank’s Purchase Register with GSTR2A downloaded from GSTN. Posting of Vouchers for ‘ITC Amount’ to CBS.
  • Monthly / Yearly GST returns preparation and filing for returns specific to Banks viz.: GSTR1, GSTR3B, GSTR7, GSTR9.

General Key Functionality of SoftGST:

  • Capability to manage related parties as customer attributes; Capability to manage exemptions for customers, accounts, transactions, charges and specific branches
  • Sale Invoice, Purchase Invoice, Purchase Reconciliation, Debit Notes, Credit Notes etc.
  • ITC Computation, GSTR Payload Creation, Digital Signing, GST Returns Submission thro’ GSPIndia Gateway.
  • Capability to set up tax rates for Inter, Intra state tax rates.
  • Capability to manage other functions / process of ARV, ISD, E-way Bills, Inter-branch transfers, Block ITC Items, ITC Reversals,
  • All Monthly, Periodic and Annual GST Returns.
  • Multi-user System. User Management, Privileges / User Rights Management
  • OTP Based Authentication.
  • Digital Signing of the GST Returns Payload
  • Online Access to Firm’s Management, Tax Practitioners


  • Timely GST Compliance; Adherence to Latest GST Rules & Guidelines.
  • Availability of GST Compliance History Data.
  • Centralized GST TaxCell Administration even if Bank’s branch operations are spread across multiple states requiring Multiple GSTIN and GSTIN wise returns.
  • Easy and Centralized Compliance to GST Audits.
  • Complete Reporting based on Various Reporting Parameters / Filters.

To know more on SoftGST features and Integration Feasibility with your CBS, pleaseclick here.