Kolkata, 3 January 2020: The Central Board of Indirect Taxes and Customs (CBIC) of India has notified mandatory GST E-Invoices and QR code in a phased manner vide Notification Nos. 68/2019–Central Tax to 72/2019–Central Tax on 13 December 2019.
E-Invoicing will be effective from 01 January 2020 on an optional basis to begin with. However, in the case of GST Registered businesses whose B2B supplies exceed INR 100 Crores, E-Invoice has been made mandatory with effect from 01 April 2020. In addition, QR (Quick Response) Code has been made mandatory for supplies made to unregistered entities where the aggregate turnover of the seller exceeds INR 500 Crores.
“In support of India’s ambitious digitization goal, we have already started incorporating E-Invoicing in our flagship FACT ERP.NG in an integrated manner”, announced Mr. Arvind Agarwalla, CEO, FACT Solutions India Pvt Ltd. He added, “The new version of FACT ERP.NG will be delivered free to all our registered clients and our users will not need to generate the E-Invoice on the GST Portal separately, thereby reducing manual work to zero and eliminating errors at the same time”.
Commenting on the CBIC announcement, Mr. Agarwalla added, “This is a game changer and the Government of India has wisely taken a leaf out of China’s Golden Tax System and adapted it to the Indian scenario. This move will curb GST evasion and make compliances air-tight while reducing manual work to a minimum. FACT has always believed in providing our customers with a spreadsheet free life and integrated GST E-Invoicing is a further step in the same direction.” FACT Software has been a proactive software provider working closely with government bodies and regulators. It has been a Value-Added Services (VAS) provider on Singapore's Networked Trade Platform (NTP) since 2018. It was presented the Certificate of Appreciation by the Minister for Finance, Mr. Heng Swee Keat at the official launch of NTP.
NTP enables the seamless exchange of trade and logistics information and documentation between businesses. FACT ERP.NG is now integrated with the Networked Trade Platform and FACT ERP.NG Users will be able to connect to the NTP directly for uploading of Documents.
The E-Invoicing system will be highly productive for businesses, especially SMEs. It will pre-populate the GST returns and eliminate reconciliation errors. The Government’s aim behind implementing the E-Invoice system is to make the GST Return filing system foolproof and tax compliance will become more cost efficient for both the Government and businesses.
About FACT Software Solutions
For over 30 years, FACT Software has helped companies become more efficient, more productive, and hence more profitable. FACT ERP.NG, its flagship product, helps reduce duplication, processes transactions in real-time and update reports instantaneously helping decision makers to respond quickly and confidently in a rapidly changing business environment. The company has direct presence in Singapore, Malaysia, Philippines, Dubai and Nepal in addition to India. It has helped more than 100,000 companies in 40+ countries world-wide to maintain their enterprise accounting and payroll.
FACT ERP.NG is a comprehensive solution with integrated modules for Financial Accounting, Warehousing and Inventory Management, Manufacturing, Fixed Assets Management and Report Writing module capable of generating over 2,000 MIS reports. It is fully GST compliant for Indian Companies as well. FACT ERP.NG is fully GST and TDS compliant and helps in filing GST and TDS Returns effortlessly and efficiently while ensuring there are no compliance defaults.
FACT ERP.NG offers unparalleled graphical reports, personalization capabilities, greater data security and anywhere access among many other benefits.
In each country, it interact with their clients and public accountants to ensure that their software solution has features and reports that are relevant to the special needs of that market. As a result, FACT continually updates its software and makes all new versions available for simultaneous download across the world, providing yet more value with each upgrade. It offers outstanding customer service to complement the finest software solution in the market. Trained and dedicated helpdesk professionals help FACT clients to maximize the use of the software to take their companies through a paradigm shift. This encourages recommendations from clients and public accountants.
In addition to FACT ERP.NG the company offers ExportDocGuru for easy export documentation, TaxComplianceGuru and ComplianceMonitorGuru for tax & non-tax compliance and FamilyWealthGuru a state of the art wealth management product for Family offices, HNIs & UHNIs. Most recently it launched Ichiban PayrollGuru a payroll software which has been very well received by its clients across countries.
FACT Software has a simple stated goal: to delight each stakeholder in its client’s organisation.