Tungsten receives approval for e-invoicing in India
(2015) Tungsten receives approval for e-Invoicing in India
World’s second most populous country gives nationwide authority for service invoices and updates legislation to help deliver e-Invoicing
London, 11 March 2015 – 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 earchiving 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
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
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
Contact: James Culverhouse, Equus, +44 020 7223 1100, [email protected]