Cygnet.One the first ASP GSP platform to go live with ‘Invoice Management System under the GST regime’

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GSTN introduced a new application ‘Invoice Management System’ dated September 3, 2024, to bring more transparency to the existing Input tax credit mechanism. This application will go functional with data being provided from GSTN starting 14th of October.

Cygnet.One, a leader in digital compliance solutions goes LIVEwith its Invoice Management System (IMS) on 12th of October 2024, marking a significant milestone as the first ASP-GSP platform.Starting today, allEnterprises customers will be ready to experience a robust Invoice management system.

Our Founder & MD Niraj Hutheesing quotes, “This launch underscores our commitment to transforming the GST compliance landscape through cutting-edge technology aligned with the vision of the GSTN (GST Network).”

The new IMS system streamlines GST processes, ensuring full compliance and transparency with tax authorities. It shall offer the recipients to accept, reject and put on hold (pending), such actions to help compute GSTR 2B.

To enable the above exercise, Cygnet Tax platform will help carry out inbulk &one-to-one pre-reconciliation action prior to IMS. It will also help provide a communication/notification module to the counterparty to enable seamless corrective actions.

IMS is an ideal system which provides a single source if truth where all Input tax credit related data is available at one place. Cygnet will help ease turnaround time of purchase invoice digitization which is critical for IMS actions.This system is designed to address common issues such as data entry errors, delayed approvals, and incorrect tax deductions, which can lead to non-compliance and penalties.

Cygnetis dedicated to revolutionizing business process transformation and digital compliance through our comprehensive compliance solutions not just in India but globally. Our solutions also offer purchase digitization, enables 99% reconciliation, streamlines accounts payable, enables accurate litigation management, ensures global e-Invoicing & VAT compliance in major regions that eases tax operations beyond compliance.

Cygnet.One’s Tax platforms leverages advanced technologies such as AI/ML and real-time data validations. It seamlessly integrates with ERP systems to manage large volumes of invoices, ensuring accuracy and timeliness. The system automates vendor data mapping, classifies transactions, and suggests appropriate tax deductions and reconciliations, alleviating the burden on finance teams.