GST Software: Bringing Clarity to Businessmen

Ever since the Goods and Service Tax (GST) act has been enacted, the Indian retail sector has grown restless. They are constantly digging into online blogs about GST and visiting the tax offices to know more about the entire structure established by the act. It’s been more than two years since the law was rolled out, but the people are still not accustomed to it. On the flip side, some of the businessmen have figured out the entire puzzling mesh. They thank GST software for clarity.

The Benefits

Managing Goods and Services Tax is not a piece of cake. Sometimes business owners have to train themselves mentally in order to understand the affairs of what tax is applied where. Digitization minimizes the time and hard work it takes to do such draining task manually. There are several more advantages to using GST software. Some of the primary benefits are:

Awareness

Being aware of the latest GST updates is important because if you miss out on a key GST-filing date, it may cost you a heavy fine or make you go through pain-staking red-tape procedures. Some of the announcements made by the government can even save you money. Hence, the adoption of GST software gives users the advantage of instant notifications, in case an update is made or an event is coming up.

Tax-Included Calculation

Businessmen sell their goods on a price in which the GST rate has already been included. This means they have to calculate and assign the right price on each of their products. Manually, this process is tiring and a lot of wrong calculations can be made. By using a GST application, the procedure can be digitized.

Users have to assign GST rates to their goods on the GST billing software only once. Based on that, the software will be able, to sum up, a bill with the total GST owed. The amount of GST recorded every month will help users generate a form that can be uploaded online on the GST portal to file returns.

Movement of Goods

The movement of goods through the states will be much simpler since GST has removed entry state taxes. A GST software can easily monitor that, and in some cases also help with E-Way bill generation.

Easy GST Filing

There are several GST forms that need to be filled by a business owner at different times. Most businessmen are intimidated by the whole GST system as they lack a helpful hand. Investing in chartered accountants can be really expensive for small shops and enterprises. Instead, a GST software is way cheaper and has quadruple the efficiency of chartered accountants.

Input Tax Credit

Some of the software makes it easier to claim the input tax credit. This is done by removing tax cascading feature. Instead, the tax is calculated on the gross value of the product at every stage of the supply chain that it goes through.

 

Which GST software to use?

You can’t really deem a particular GST-oriented accounting application as the best GST software in India. This is because every application has a different purpose. If your aims meet with what the software is delivering, go for it!