Clear Announces APIs to Help Businesses Recover Unclaimed Input Tax Credit


Clear (formerly ClearTax), a SaaS fintech company, announced on Thursday that it has launched APIs allowing companies to recover their blocked ITCs and automate supplier payments.

According to the official press release, these APIs are fully integrated with enterprise ERPs. By triggering Clear’s APIs, businesses can perform four-way automation.

This automation recovers blocked ITC claims and reduces reconciliation, supplier profiling and payment efforts. Clear estimates have locked the ITC in the range of Rs 8,000 Cr for Indian companies on an annual basis.

“Supplier non-compliance results in financial exposure for a business. Regulators now have little tolerance for late or inaccurate filings. We understand how deeply this issue affects Indian businesses. Our solution will radically simplify the way businesses tackle tax payment and vendor management,” said Founder and CEO, Archit Gupta.

Meanwhile, Clear last year raised $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. as well as expansion into international markets.

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