From Billing to filing taxes it is a wholesome procedure that cannot be done manually on a regular basis. The tax structure under the new regime may not be tedious but to take advantage of this new system in business a software is necessary.
In India, GST came into the picture to quash that several forms of indirect taxes to benefit the consumer in a long run. It is here to stay and that is how a gst return software is a wise investment.
The need for the new tax system came in to correct the cascading effect of tax where Excise Duty was being charged by the centre after manufacturing goods were sold. This tax on the was product was taxed again by the state over VAT slab after the centre’s Excise duty. The tax on the tax was clearly increasing the price of the goods and so were the many indirect taxes levied by both state and Center.
However under the new tax regime increased transparency with three form of taxes mainly applicable under the tax laws such as CGST, SGST and tax on intra-state sale is safe to conclude on a platform or an application.
Filing taxes will be easier and here is how you can do it with the help of the software.
Avoid errors: The first step to GST filing is to focus on accuracy because it is a critical decision to make. While computerising your entire business your billing and accounting will ensure that your records are accurate. This will make it easier for you to understand as well as apply the new form of tax by identifying the errors.
Increase speed: Most of the software makes your job of filing taxes a cake walk. Once you have got your business on your computer make sure you are on the right track to help speed up your business.
GST complaint software: The best part about getting a gst softwares that is GST compliant is to maintain your business accounts directly with the GST portal utilities. there are a plenty of softwares in the market but make sure you choose the specific one that has unique feature depending on the size of your consumer base.
It is also easy to file returns directly on the GST portal using utilities that are made available by the GSTN, but it would be even more it would be easier with a large number of transactions in your kitty. An ERP or a GST ready software in this fashion should ideally allow you to seamlessly connect to any transactions or to correct them on the go. and customer base, to use the services of a GST ready software or ERP. The software should ideally allow you to:
Follow the procedure: When you quickly audit and detect errors and provide the required transaction-level information to the GST portal you will also be matching your invoices online with your suppliers this will be helpful in getting the input credit and avoid the cascading effect of tax making the structure of the tax regime reliable.