Mumbai (Maharashtra) [India], March 4 (ANI/PNN): Cygnet has been an approved GST Suvidha Provider (GSP) since the inception of GST. With significant amount of India's e-Invoice traffic processed via Cygnet's indirect tax compliance platform, and the success and experience Cygnet has had with large and medium-sized enterprises, their solutions are deep rooted and have transformed the TaxTech ecosystem over the years globally. The Goods and Services Tax Network (GSTN) has approved Cygnet as one of the private IRPs to cater to the voluminous traffic expected due to inclusion of SMEs in the e-Invoicing regime.
"With Cygnet IRP going live, all business categories can leverage automated solutions and stay up to date with their tax compliance requirements. Cygnet IRP premium services shall change the way businesses look at their purchase automation, sales automation, and financing processes. The Union Budget has recently proposed enabling provisions to share consent-based data. Along with our IRP services and Cygnet Fintech offerings, we expect to bring in a lot more innovations in the GST & lending eco-system", said Niraj Hutheesing, Founder and Managing Director of Cygnet Infotech.
Cygnet IRP is now live for taxpayers' e-Invoicing compliance for free at einvoice3.gst.gov.in. Cygnet IRP enables e-Invoice generation for free for Corporates, small and medium businesses, ERPs, GSPs and ASPs. To cater to the limitations and challenges of these segments, Cygnet provides a range of e-invoicing solutions that include e-Invoicing platform, desktop-based Invoicing tool, Mobile application, Enriched and Passthrough APIs that simplifies compliance.
Corporates can now leverage High availability and fallback mechanism of Cygnet IRP platform to ensure business operations continuity. The platform offers Invoice generation and ability to manage e-Invoicing for multiple GSTINs from a single login. Storage of e-Invoices for more than 48 hours will enable easy storage, and record keeping. e-Invoices generated by suppliers via Cygnet IRP can be easily integrated to a buyer's ERP system to automate purchases. The Corporates will also be able to overcome the limitations of vendor GSTIN search, and e-Invoice applicability.
Sharing of e-Invoices shall also help validate the genuineness of the invoices post-de-duplication check with the GSTN by assigning a unique 64-character number known as IRN (Invoice Reference Number) to every GST invoice. Cygnet IRP ensures minimum e-Invoice and e-Way Bill failures with its distance calculation and GSTIN validation probe APIs.
ERPs, GSPs and ASPs can now leverage Cygnet's Enriched and IRP-compliant e-invoicing APIs directly from their existing interfaces to on-board their clients on Cygnet IRP and deliver seamless e-Invoice generation experience. For small businesses, Cygnet provides desktop-based Invoicing tool that helps create Invoices, generate e-Invoices in bulk for multiple GSTINs, customize Invoices and send notifications to customers. These segments can also leverage Cygnet's easy-to-use mobile application to ensure timely compliance. By leveraging the IRP's basic and premium features, any partner or taxpayers can leverage any of the above solutions and ensure timely compliance and automation of tax processes.
Cygnet Infotech offers products, platforms, and services across Product Engineering, RPA, Test Automation, Digital Signature, Digital Transformation, Tax Technology and Fintech alongside IRP. 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. It has a team of over a thousand people who work on leading technologies, application development on microservices architecture, including Hyper automation, AI & ML, Blockchain, and others, in offices across India, the USA, Europe, the UK, UAE, South Africa, Australia, and other locations.
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