On 1st May, Cygnet Infotech officially received the FTA accreditation for R7VAT from UAE FTA, the nodal agency for UAE VAT. R7VAT is a comprehensive solution for automating and managing vat returns filing that helps enterprises to automate their processes and achieve VAT compliance easily.
The R7VAT solution is equipped with features that include VAT Returns, FTA Audit File, Reconciliation, Rule Engine, Document Generation, Reports and many more.
The United Arab Emirates (UAE) introduced VAT from 1st Jan 2018. To comply with this regulatory requirement, companies must re-align their systems, people and processes.
The Federal Tax Authority (FTA) is the UAE government entity responsible for the collection and management of federal taxes established in 2016 with the aim of:
- Achieving economic diversification through fiscal best practices
- Increasing the UAE's non-oil revenues
- Reducing dependence on oil resources in preparation for the post-oil economy
- Enhancing the UAE’s economic sustainability
- Helping the business community and consumers understand their responsibilities with regards to taxation, and guide them to full compliance
Cygnet Infotech began its foray into pioneering tax technology solutions in India with its empowering GST solution a licensed GST Suvidha (facility) provider. Launched in 2017, Cygnet GSP supports GST roll-out and works in close accordance with all the major APIs released by the GSTN network.
In fact, it is the first GSP in India to go LIVE. Apart from playing a crucial role of delivering accurate technology solutions and being a part of the huge reform, Cygnet GST solution has been a massive success nationwide.
These achievements have been a cause of company-wide celebrations since they come after untiring efforts from the team in painstakingly perfecting the products on the backend, while relentlessly pursuing the respective accreditation bodies on the other.
Marking this excellent beginning, Cygnet Infotech now aims to maximize its global reach with dedicated future-ready one-stop-IT solutions for efficient business growth.