After ages of debate, discussions, amendment, and various opinions India is all set to implement GST laws on its citizens. India’s multi-layered and complex tax structure came to an end with the implementation of GST on 1st July 2017. This is a historic movement made by the GOI (Government of India). GST gets all the credit to make all the business owners aware of the tax rate that they need to pay, to whom, where and when. The saying ‘one nation, one tax’ is the only reason for GST to roll out. Few GST return software is very easy to understand and operate.
How to get the best GST software?
Every business unit is different from each other; no two business units are same. Every company has its own expectation of software. These are few points to keep in mind while selecting software:-
- The software should include all requirements for a payroll.
- The software must track available stock, orders, work in progress, jobs and task management requiems.
- There should be provision for handling more than one bank account.
- The software should be able to handle foreign currency.
- There must be a system to keep records of each department, various business under one business unit.
- The software should give you an online platform for different activities such as verifying records, online payment etc.
- The software must have the facility to keep the record of what a customer bought, how much they buy, taxes charged on the product etc.
- The software should be easy to use so that any layman can use it.
Software for GST has countless fields and it’s a complex process. Any normal person while filling up the form needs to keep looking for instructions and has to understand each and every column. It does not provide any reconciliation. Good software does automatic reconciliation immediately and notifies the errors or mismatches, hence saving a lot of time. Perfect software will have only one significant disadvantage and that is, it cannot operate without a reliable internet connection. Every business organization present in India has to comply with the GST laws, no matter how big or small it is.
The most used indirect tax system in the world is GST. The charge is there on every product at one time and the rate is decided by the government. The traders or the businessmen need to calculate their taxes as per the given rate and present their annual tax report to the tax department of the country. Before it was a long process and now it has become quite an easy one because of the different software available in the market.
Some software helps to posts the accounting entries to the existing accounting system so that the business owner or an accountant does not need to re-enter the details again and again. It prepares the GST annexure in a simple click which can be easily uploaded for GST return filing. The best facility is few can print the invoices in GST compliant format.