New Delhi The Goods and Services Tax Network (GSTN), the company that processes GST returns, has said that four private companies have been contracted to provide e-invoice registration services to businesses.
GSTN said in a statement that four private companies – Clear (formerly ClearTax), Cygnet Infotech, E&Y and IRIS Business Ltd have been empaneled by GSTN to provide these e-invoice registration services to all GST taxpayers in the country.
Fintech Software as a Service (SaaS) firm Clear said it has launched e-invoice registration service after obtaining a licence. The GST Council had allowed private participation in this segment in 2021. The idea of the government is to have a partnership between GSTN and industry players to offer more e-invoice registration portals. NIC is already providing this service.
In an update on its protocol, GSTN said that taxpayers now have a choice of multiple invoice registration portals, which they can use to register their e-invoices. This adds significant capability for e-invoice generation for business to business transactions.
With the launch of invoice registration portal services by private companies, India has a new operating model that will be a role model for every developing country, Clear said in a statement. The clear statement states that commerce and trade in India stand to benefit dramatically from increased trust built on top of real-time, fully harmonized, traceable data systems that handle payments, shipments, invoicing, financing, taxes and serves as a support system for the curb.
“This infrastructure will be largely digital and hence will be affordable, scalable, modern, secure and scalable at the same time,” Cleary’s founder and CEO Archit Gupta was quoted as saying in the statement.
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