Cygnet.One launches Invoice Management System (IMS) under GST Regime

Cygnet.One, a digital compliance solution, has launched its Invoice Management System (IMS), marking the first ASP-GSP platform. All enterprise customers will be going to experience a reliable IMS.

Founder and MD Niraj Hutheesing stated, “This launch demonstrates our commitment to transforming the GST compliance landscape through technology that aligns with the GSTN’s vision.”

GSTN launched a new application, the ‘Invoice Management System,’ on September 3, 2024, to improve transparency in the current input tax credit process. This application become functional with GSTN data beginning October 14th.

The new IMS system streamlines GST operations to provide complete compliance and transparency with tax authorities. It must provide receivers with the option of accepting, rejecting, or putting such actions on hold (pending) in order to help compute GSTR 2B. To facilitate the aforesaid exercise, the Cygnet Tax platform will assist with bulk and one-on-one pre-reconciliation action prior to IMS. It will also assist in providing a communication/ notification module to the counterparty, allowing for seamless corrective actions.

IMS is an ideal system that provides a single source of truth for all input tax credit-related data in one location. Cygnet will help to reduce the turnaround time for purchase invoice digitization, which is crucial for IMS actions. The system is intended to handle typical difficulties like as data input errors, delayed approvals, and improper tax deductions, which can result in non-compliance and penalties.

Cygnet is committed to revolutionizing business process transformation and digital compliance with our complete compliance solutions, not only in India but around the world.