LONDON, March 11, 2015 /PRNewswire/ --
World's second most populous
country gives nationwide authority for service invoices and updates
legislation to help deliver e-Invoicing
Tungsten Corporation plc (LSE:TUNG), the global e-Invoicing,
invoice financing and analytics company, today announced that it
has received nationwide approval in India to electronically deliver invoices for
services.
Tungsten also helped effect a change in legislation, allowing
all service-related invoices to be transmitted electronically in
India.
As a result of Tungsten's efforts, the Minister of Finance
(Department of Revenue) has updated the Service Tax law (No.
5/2015-Service Tax) to include a welcome clarification on the use
of digital signatures as a means for authenticating invoices. This
brings Indian Tax Law in line with the Indian IT Act, 2000. As a
result, from 1 March 2015, all
domestic invoices for services, rather than for goods, can be
signed using a digital signature.
This change brings India closer
in line with other parts of the world, with digital signatures
being common practice for authenticating invoices electronically in
the EU and other markets.
Edmund Truell, Tungsten Group
CEO, said: "This is a major step forward for e-Invoicing in
India, which has the potential to
be one of the largest global markets for Tungsten. Due to the
legislative changes made, Tungsten will now be able to offer
customers in India an e-Invoicing
and e-archiving service similar to those we provide in the EU and
the rest of the world. Tungsten expects to receive full e-Invoicing
compliance in India in the coming
months."
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, the world's
largest compliant electronic invoicing network, can reduce their
invoice-processing costs by 60%. Suppliers benefit from
efficiencies, greater visibility of their invoice status and peace
of mind. Tungsten offers supply chain financing through Tungsten
Bank*; and helps buying organisations profit by applying real-time
spend analytics to its vast repository of line-level invoice
data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over $187bn for organisations such as Alliance Data,
Aviva, Cargill, Deutsche Lufthansa, General Motors,
GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal
Government.
Tungsten Corporation acquired DocuSphere, a provider of accounts
payable automation solutions, in September
2014.
* Tungsten Bank is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Tungsten Bank is registered on the
financial services register with firm reference number 139209.
Contact: James Culverhouse,
Equus, +44(0)20-7223-1100,
james.culverhouse@equusgroup.co.uk.