March 15, 2017
By: Mike Dautner
Tungsten Network has never been featured in our feed, but is making a name for itself as the first e-invoicing provider to offer compliant and paperless invoicing in India.
The announcement comes as a result of the demand from large buying organizations on the Tungsten Network who identity opportunities in the evolving market.
As of today, Tungsten customers will be able to send and receive legally-compliant e-invoices for services and excise across India, in addition to creating legal invoices for goods in exactly 8 states.
This branch out is a result of Tungsten’s aim to obtain clarification from the Indian government around whether digital signatures are legally permitted to verify the authenticity of invoices.
The company received this clarification straight from the Indian government, both nationally and at state levels.
Rick Hurwitz, Tungsten Network CEO, said, “India is one of the fastest growing economies in the world and the move from a cumbersome paper-based approach to a frictionless digital model is great news for any business looking to trade with Indian vendors. Our expansion into the country was driven by customers who are looking to conduct more business in this increasingly important region. Now, they will have access to fast, efficient processing while simultaneously reducing the risk of fraud.
“Tungsten’s entry into India also supports the government’s commitment to digitization as it seeks to tackle corruption and mitigate its vast black economy. Several countries around the world have already embraced e-invoicing to fight fraud and tax evasion, and Tungsten is uniquely positioned to support Indian business and government in its digital development.”
TrustWeaver is known a leading vendor of cloud-based trust and compliance services, and it will be providing Tungsten with compliant digital signatures on demand, permitting the Indian tax administration to verify the authenticity of invoices easily when they audit an Indian taxpayer.
Christiaan van der Valk, Company President, TrustWeaver, added, “Tungsten becomes our first customer – and to the best of our knowledge the only service provider – to facilitate electronic invoicing in India. We have been working with Tungsten for many years, with the shared goal to help customers trade with confidence and ease, and also awarded Tungsten with the inaugural TrustWeaver verified Trust Mark in recognition of its best-in-class compliance credentials. We are proud to have worked with Tungsten to bring secure, reliable and compliant electronic e-invoicing to this growing new market.”