Simplifies e-Invoicing compliance for taxpayers across India
Mumbai, June 18, 2022: Cygnet Infotech is now approved as an Invoice Registration Portal (IRP) by Goods and Services Tax Network (GSTN), an organization which provides shared IT infrastructure and services to both central and state governments including taxpayers and other stakeholders. GSTN expects voluminous data for e-Invoice registrations and generation and to streamline this process it has identified and appointed select private players as IRPs to cater to this increasing demand. The IRP portal helps validate the genuineness of the invoices post de-duplication check with the GST Network by assigning a unique 64-character number known as IRN (Invoice Reference Number), to every GST invoice.
While the GSTN aims to distribute the load of invoices, private IRPs will simplify compliance for enterprise taxpayers. Taxpayers of various segments including corporates, MSMEs, ERP Providers, GSPs and ASPs can now generate e-Invoices and e-Way Bills in bulk with IRPs such as Cygnet IRP which are scalable and agile. By leveraging the IRP’s basic and premium features, taxpayers will be able to ensure timely compliance and automation of tax processes. Private IRPs shall ensure seamless e-Invoice generation directly from a single user interface mitigating the user challenges of dealing with manual entries, multiple formats like .xls, JSON, training on two interfaces and more.
“Businesses may use Cygnet TaxTech’s tax compliance management solutions to create, automate, and stay up to date with their tax technology architecture and streamline worldwide tax compliance operations. Our building block architecture helps streamline multiple business processes such as Order to Cash, Record to Report, Procurement to Pay, and more”, said Niraj Hutheesing, Founder and Managing Director of Cygnet Infotech.
He added, “With our recent acquisitions of Glib & euVAT, along with milestones such as being India’s first company to acquire Peppol membership, recent launch of our Fintech offerings, and now being registered as an IRP, we are working towards a clear vision of unlocking greater value for the tax & finance ecosystem through our technology enabled data driven solutions. These solutions will further enable small and mid-sized businesses to handle their compliances without errors as well as assist in tax data analysis, audit evaluation, vendor digitization, and the establishment of a systematic and contemporary legacy system for better decision making.”
Cygnet IRP is a part of Cygnet TaxTech. Cygnet TaxTech has recently aggregated its global indirect tax compliance and automation solutions. These solutions leverage emerging technologies such as Hyperautomation, Big Data, RPA, and AI & ML to transform the tax ecosystem.
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