ClearTax, an income tax returns e-filing website launched a GST software called Bill book for SMEs to prepare GST compliant invoices, the company said in a statement.
Bill book is a software platform that works both online and offline. It will automatically identify IGST vs SGST in the invoice. It can accommodate business scenarios such as operating in different states in India, or engaging in imports and exports or B2B or B2C billing.The software has the competency to handle debit/credit notes and advance payments. It also has features that allow SME’s to create sales invoice, recording of discount, freight, insurance, & package handling charges along with recording purchases and expenditure under GST regime.
Funding
In June last year, Cleartax had raised $12 million (about Rs 80 crore) in Series-A investment round led by Ravi Adusumalli of SAIF Partners. At the time, the company had said it is planning a product for GST. In May last year, the company had raised $2 million in a round of funding from venture capital firms Sequoia Capital India, and Paypal co-founder Peter Thiel’s Founders Fund Angel, a seed-stage venture firm.
In April last year, it had raised $1.3 million in funding from PayPal co-founder Max Levchin, Scott & Cyan Banister, WhatsApp’s Business Head Neeraj Arora, AngelList Founder & CEO Naval Ravikant and Dropbox VP Ruchi Sanghvi among others.
Competition
ClearTax competes with LegalRaasta, that raised Rs 32 crore in Series A funding from Impanix Capital. The company had said it will be using the funds to build a GST compliance software. It had also said it will offer both a standalone GST software and an API interface to connect enterprise resource planning (ERP) planning software such as SAP, Oracle & Tally with GST systems. The startup said the software will have features such as reconciliation, Excel upload, app-based GST filing etc.competes. ClearTax also competes with MeetUrpro, which positions itself as a one-stop shop for all legal and tax requirement.
