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This automation recovers blocked ITC claims and reduce the effort with reconciliation and vendor profiling and payments
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Clear (formerly ClearTax), a fintech SaaS company on Thursday said that it has launched APIs that allow enterprises to recover their blocked ITC and automate vendor payments.
According to the official statement, these APIs are fully integrated with ERPs of enterprises. By triggering Clear’s APIs, enterprises are able to do four lever automation.
This automation recovers blocked ITC claims and reduce the effort with reconciliation and vendor profiling and payments. Clear estimates blocked ITC to be in the range of Rs 8,000 Cr for Indian Enterprises on an annual basis.
“Non-compliance of vendors leads to financial exposure for an enterprise. Regulators now have little tolerance for delayed or inaccurate filings. We understand how deeply this problem affects Indian businesses. Our solution will radically simplify how businesses tackle tax payments and vendor management," said Founder and CEO, Archit Gupta.
Meanwhile, Clear in last year raised USD 75 million in Series C funding led by Kora Capital, Stripe, Alua Capital, Think Investments, and existing investors to accelerate Clear’s expansion into B2B credit and payments plus expansion into international markets.