GST Software and its Advantages to Businesses in Calculation and Filing



 What is GST?

Term GST stands for the Goods and Services Tax. GST bill was passed on 6th May 2015 in Lok Sabha. Once the bill is implemented it can give some major advantages to businesses. GST is basically a value-added Tax which is taxed at different check points in the chain of supply, allowing credit for any tax paid on participation attained for the use in supply. Thus, the end-person or consumer is liable to bear the tax being the last in the chain of supply. With the implementation of GST bill in India the indirect tax structure will be simplified at central level and state level. Till now there was a complexed multi-layered taxation system in India, which will be replaced by GST.



 What is GST Software?

In the present scenario, most of the business houses and organizations whether big, small or medium sized are in the constant need of a best online Accounting Software, which can do their accounts, Ledger, inventories, finance, calculation of the different category of taxes and also file them without any hustle. By keeping all these requirements, the Accounting Software came in the market who can perform all these tasks efficiently and can also calculate GST to help and support the businesses, like:


  •  Sales and service industry
  •  Traders
  •  Distributers
  •  Manufacturing and production houses
  •  Job works
  •  Retailers etc.

The GST software are designed and developed by the different companies to help the tax payers to register and migrate their businesses on government portal in a specific period of time by understanding the work behind the tedious task of registration of filling complicated data. It also helps tax payer to associate with the impending GST structure.


The GST software developing companies are doing hard work in preparing the modules for GST tax billing and filling which will not only make the job faster but will also make it easier for others to understand, how GST online return filling is done. The requirement of good user friendly GST Software is much needed after the government has revealed the registrations and returns under the GST will be initiated online. This software will be designed in such a way that GST calculation and filling becomes easy.



  How GST advantages Businesses?


When a new business is started, it goes through different files and procedures like, to get VAT registration from the sales tax department, procedures and fees related to VAT and so on. It becomes difficult for the businesses to maintain acquiescence with the VAT procedures. After the GST is implemented in India it will ease the work of businesses as the GST filling procedure will be centralized and standardized. The business houses will not have to attain multiple VAT registration as the GST will be centralized across the country. With the standard system of registration under GST, there will be an ease in starting in new business.


Till now all the states have different VAT and service tax rates, fees, procedures and regulations, which give rise to complications and complexities. Not only this, there are several tax regulations like CST, Purchase tax, luxury tax, custom duties, etc. which the business has to submit. Once the GST is implemented and GST software comes in operation, the small businesses will be out of Tax and thus it will provide them relief from filling and collecting GST return.


At present the sales and service businesses like restaurants and IT, which provide services and merchandises have to follow VAT and other tax regulations, this force them to calculate taxes on the basis of the transactions with different rates and items. The GST software will make this task easier as it will eliminate this distinction and will make invoicing simpler for businesses as single rate will be applied.


GST software offers users the capability to preserve information on invoices and tax reports for each state, credit, business rules and calculation editor which can be used in different business scenario. It allows user to manage their business tax needs with GST.


It provides ability to apply tax treatments and create precise tax data. GST software associates business mechanization, process and tax automation together at one place. User can customize the GST software according the needs and can help in the growth of business.


This software can be very helpful for the manufacturing companies to raise and order stock and goods and also provides regular updates, to register when required. The GST software companies always make sure while designing the software that tax penalties are addressed appropriately.


With the implementation of the GST bill, there will be a huge challenge for the businesses as they to file accurate, timely and comprehensive data for invoices and GSTN. The single tax system under GST will lower down the business operating cost and will bring tax probability because the overall tax burden will be reduced by allowing consumption of tax credits in the supply chain. The companies can focus on the business expansion and growth as they don't have to source commodities in a single state and there will be no duplication in taxes with the GST software. The capacity to create inter-state goods sourcing will be cost effective because of GST.


To work GST software with accuracy, the service providing companies will have to understand, which place of supply rules are to be followed for the services and proper recording of the tax portions and amounts has to be done. Without this accuracy and thorough understanding of the rules, it will be difficult for the GST software companies to provide accurate tax calculation. The GST software companies must ensure that desired taxes are done at the time of invoicing and should provide consolidation, tracing and transmittal of tax data required for filling return of the businesses.



 Features of GST software

  •  Generation of invoice as per guidelines of GST
  •  E-filing for all types of dealer returns
  •  E-payment facility of taxes as per GST rates.
  •  ITC report generation.
  •  Reconciliation with GST online portal
  •  Maintenance of Credit ledger, cash ledger and tax liability register

GST Software is a boon to businesses, get it to experience the change!