FACT ERP.NG to help businesses with mandatory GST E-Invoices
Kolkata, Jan 14 (KNN) FACT ERP.NG, a software company indulged in producing Financial Accounting software, is all set to be ready for Mandatory GST E-Invoices and QR code for Businesses in India.
As per the Central Board of Indirect Taxes and Custom (CBIC) in December, business with turnover of more than Rs 500 crore will issue ‘e-invoicing’ with a Quick Response (QR) code from April 1.
The new invoicing system has been made mandatory for businesses having turnover of Rs 100 crore or more from April 1.
“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 Arvind Agarwal, CEO, FACT Solutions India Pvt Ltd.
“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,” he added.
Commenting on the CBIC announcement, 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, Heng Swee Keat at the official launch of NTP.
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.