Tungsten Corporation plc (TUNG.L), 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."