London, April 21, 2021: In order to provide a compliant solution for Indian suppliers of any size, Tungsten launched a new Web Form solution, available April 1, 2021. Now, 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 April 1, 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 October 1, 2020 the same mandate had applied to companies with turnover threshold of ₹s.100Cr ($13.7M).
The updated legislation sets out two main requirements:
- Tax IRP registration obligation
- 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. India’s latest mandate is just one example of this trend.
Ruud van Hilten, SVP, Country Compliance at Tungsten Network commented: “For global business, meeting specific country compliance requirements can be incredibly labour-intensive, especially so for those with decentralized finance teams. Preparation for compliance is increasingly difficult and failure to comply is becoming more costly. Tungsten’s consulting and technology investment in global compliance allows us to take that burden off our customers.”
Andrew Lemonofides, CEO of Tungsten Network, says, “Finding a trustworthy service provider with proven ability to meet complex compliance requirements is no longer a ‘nice to have’; it’s business critical. As the leader in global e-invoicing and compliance, Tungsten is uniquely qualified to protect and enhance customer productivity gains amidst mandate changes.”
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About Tungsten Network
Tungsten is the world’s largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £195bn for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 300 people.
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