Friday 23rd April, 2021
Tungsten has launched a new Web Form solution in order to provide a compliant solution for Indian suppliers of any size. Tungsten customers can either input invoice data manually via the portal or directly from an integrated billing system—staying fully compliant with the new mandate.
Effective 1st April, 2021 the Indian Government required all companies operating in India with ₹s.50Cr ($6.85M) or greater turnover to clear invoices with the Government’s Invoice Registration Portal (IRP) before issuing a tax invoice to customers. Since 1st October, 2020 the same mandate had applied to companies with turnover threshold of ₹s.100Cr ($13.7M).
The updated legislation sets out two main requirements:
1. Tax IRP registration obligation
2. Tax Collected at Source (TCS).
Marisa Teh, Chief Product Officer of Tungsten Network says: “Providing a secure and fully compliant e-invoicing platform is fundamental to Tungsten’s value for customers. By increasing the scope and functionality of our Web Form platform, we will help more customers stay compliant as they increase P2P process efficiencies.”
The new India mandate follows a rise in global regulatory compliance changes. In the wake of COVID-19 VAT gaps and associated deficits, governments have begun utilising country mandates to guarantee taxation compliance and VAT collection.