GSTN approves Cygnet Infotech as an Invoice Registration Portal (IRP)
Simplifies e-invoicing compliance for taxpayers across India
Cygnet Infotech is now approved as an Invoice Registration Portal (IRP) by the Goods and Services Tax Network (GSTN), an organization that provides shared IT infrastructure and services to central and state governments, including taxpayers and other stakeholders. GSTN expects big data for registrations and e-invoice generation and to streamline this process it has identified and appointed selected private actors as IRPs to meet this growing demand. The IRP portal helps validate the authenticity of invoices after deduplication check with the GST network by assigning a unique 64-character number called IRN (Invoice Reference Number), to each GST invoice.
While the GSTN aims to distribute the burden of invoices, private IRPs will simplify compliance for corporate taxpayers. Taxpayers in various segments including Enterprises, MSMEs, ERP vendors, GSPs and ASPs can now generate e-invoices and bulk e-invoices with IRPs such as Cygnet IRP that are scalable and agile. By leveraging the basic and premium features of IRP, taxpayers will be able to ensure compliance and timely automation of tax processes. Private IRPs must ensure seamless generation of e-invoices directly from a single user interface, mitigating user challenges of managing manual entries, multiple formats such as .xls, JSON, training on two interfaces and more.
“Companies can use Cygnet TaxTech’s tax compliance management solutions to create, automate and stay current with their tax technology architecture and streamline tax compliance operations globally. 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 CEO of Cygnet Infotech.
He added, “With our recent acquisitions of Casual & euVATas well as milestones such as being the first Indian company to acquire Peppol membership, recent launch of our fintech and now being registered as an IRP, we are working towards a clear vision of creating greater value for the tax and financial ecosystem through our data-driven technology solutions. These solutions will further enable small and medium-sized businesses to manage their compliances error-free and assist them in analyzing tax data, evaluating audits, digitizing suppliers, and establishing a systematic legacy system and contemporary for better decision-making.
Cygnet IRP is part of Cygnet TaxTech. Cygnet TaxTech recently consolidated its global indirect tax compliance and automation solutions. These solutions leverage emerging technologies such as hyperautomation, big data, RPA, AI and ML to transform the tax ecosystem.