Cygnet.One launches ‘Invoice Management System’ under the GST regime

By Gloria Mathias

Cygnet.One, a digital compliance solution, has gone live with its Invoice Management System (IMS), marking a milestone as the first ASP-GSP platform. All enterprise customers will experience a robust IMS.

Founder and MD Niraj Hutheesing shared, “This launch underscores our commitment to transforming the GST compliance landscape through technology aligned with the vision of the GSTN (GST Network).”

GSTN introduced a new application, ‘Invoice Management System,’ on September 3, 2024, to improve transparency in the existing input tax credit mechanism. This application will become functional with data provided by GSTN starting on October 14th.

The new IMS system streamlines GST processes, ensuring full compliance and transparency with tax authorities. It shall offer the recipients the option to accept, reject, and put on hold (pending) such actions to help compute GSTR 2B. To enable the above exercise, the Cygnet Tax platform will help carry out bulk and 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 that provides a single source of truth where all input tax credit-related data is available in one place. Cygnet will help ease the turnaround time of purchase invoice digitisation, 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.

Cygnet is dedicated to revolutionising business process transformation and digital compliance through our comprehensive compliance solutions, not just in India but globally. Our solutions also offer purchase digitisation, enable 99% reconciliation, streamline accounts payable, enable accurate litigation management, ensure global e-invoicing and VAT compliance in major regions, and ease tax operations beyond compliance.

Cygnet.One’s tax platforms leverage 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.