The solution ensures compliance in a cost-effective manner
Small businesses can now be e-invoicing compliant within 24 hours
Bengaluru, NFAPost: Cygnet Infotech has announced a custom solution for small businesses to ensure compliance in a cost-effective and timely manner. The solution comes with e-invoice generation capabilities, a ready-to-go tally connector and invoice generation tools.
It also offers the option of a simple GST-compliant financial accounting software for businesses. This will ensure that organizations can generate e-invoices and e-waybills directly from this accounting software.
The company’s move comes at a time when the Ministry of Finance has notified the applicability of mandatory e-invoicing for B2B transactions with effect from 1st April 2022 for taxpayers having annual turnover of more than ₹20 crores, vide Notification 1/2022 – Central Tax.
With this new reform startups and SMEs will join larger organisations in having to comply and contribute to a more transparent tax ecosystem.
A team of tax technology subject matter experts has been put in place to help proprietors of small businesses fully understand the compliance norms and equip them with technology-enabled software solutions.
This tax reform enables smoother payments, close to zero tax frauds, an increase in trade financing, and much more. However, this notification does not apply to B2C transactions. Registered persons having a turnover of more than Rs 500 crores are required to generate dynamic QR code.
The team assures of a 24-hour turn-around time for deployment, by leveraging in-house automation tools. The team has been supporting SMEs as well as tax consultants, ERP integrators and billing solution providers to help them provide an effective solution for their clients.
Commenting on this, Cygnet Infotech Founder & Managing Director Niraj Hutheesing said this notification will further boost tax revenue and improve transparency in the tax ecosystem.
“We want to do everything we can to help start-ups and small businesses digitize and remain competitive. Our ready-to-deploy solution ensures timely compliance so that small businesses can stay focused on their growth,” said Cygnet Infotech Founder & Managing Director Niraj Hutheesing.
About Cygnet Infotech:
Established in 2000, Cygnet Infotech works with clients across 35 countries including Fortune 500 enterprise corporations, medium-sized businesses, fast-paced start-ups, and Government Bodies.
It has teams across multiple regions and its offerings range across Technology Services including software product engineering and digital transformation, to Products including E-signing, RPA, Test Automation, as well as its Tax Technology and Fintech offerings.
Aligned with its vision of providing technology-enabled business solutions, Cygnet Infotech delivers end-to-end solutions for clients’ most pressing business needs. Discover more at: Cygnet Infotech
