India’s GDP grew by seven per cent in the final quarter of 2016, which meant it retained its position as the fastest growing large economy in the world. Current measures for the first quarter of 2017 indicate that the Indian subcontinent will continue to lead in economic growth.
India’s government is also pursuing digitisation efforts as a means of reducing tax fraud and corruption and bringing its black economy into the light.
In line with these dynamics, Tungsten Network has been working hard with authorities there to enable fully compliant digital invoicing. Moreover, large buying organisations on the Tungsten Network operate with deep supply chains in India and have keen interest to see us expand our footprint there.
To enable India to become compliant on the Tungsten Network, we have worked closely with Indian authorities to ensure that digital signatures would be legally permitted to prove the authenticity of invoices. Tungsten Network provides an encrypted code that is attached to an electronically transmitted document to verify its contents and the sender’s identity; in this way, we ensure that important information and documentation has not been compromised.
Tungsten has now received clarification directly from the Indian government, at both national and state levels. This means Tungsten Network customers now have the ability to send and receive legally-compliant electronic invoices for services and excise across India, as well as create legal invoices for goods in the following eight states: Chandigarh, Delhi, Himachal Pradesh, Karnataka, Maharashtra, Punjab and West Bengal. These represent some of the leading regions in terms of business growth and potential.
The Indian product we have brought to the market, adapts to the different rules and regulations relating to goods invoices of all eight states. Behind the scenes each variation has to be accounted for, but Network members now have seamless access to a frictionless future in India They can now access e-invoicing and e-archiving services similar to those they use elsewhere in the world.
As the global leader in cross-border, compliant electronic invoicing, Tungsten Network announces India as the 48th country in which it has the capabilities to create valid, legally accepted documents. Tungsten processes invoices from suppliers in 196 countries across the globe.
Compliant e-invoicing requires diligent attention to local regulatory and tax changes. Tungsten Network works closely with PWC and Trustweaver in this regard. In anticipation of the introduction of the Goods and Services Tax regulations (GST) in India later this year, we are staying close.
Digital processing of invoices enables businesses across the globe to improve the efficiency of their accounts payable systems. Tungsten’s mission is to help its members to compete to win by removing friction from their procure to pay processes. We will continue to expand where we operate in order to fulfil this charge. Watch this space.