Business & Finance

The Implication of GST Software India

Upon years of deliberation GST has been rolled out in India on 1st July 2017. GST stands for Goods and Service Tax. It is already known as one of the most important tax makeovers after independence. It is the belief to offer a major reform in the existing system of indirect tax in India. With the introduction of GST, many other taxes like Entertainment Tax, Service Tax, and VAT has been subsumed, it has reduced the cascading effects of taxation for the consumers.

With the introduction of GST, India has taken a huge step towards its dream of achieving ‘Digital India’. By the promotion of paper-less transaction, efforts are being made towards making different tax compliances hassle free. By avoiding intermediaries, companies are being encouraged to perform various compliance related activities for themselves as well as for their clients. With the help of GST software, anyone can easily integrate it with the existing ERP (enterprise resource planning) or accounting software and generate GST compliant bill for filing its details with GSTN (good and service tax network). Apart from this one GST software might offer a number of benefits.    

In order to help the ordinary men to choose the best GST software India, here is the list of features what one should look for while purchasing the software.

  1. Seamless integration with ERP or Accounting Software in use- the software should supplement the purpose of the existing facilities of ERPs and Accounting software. There must be a provision for seamless data entry from these software packages to the GST software for a greater usage.
  2. Both online and offline functionality- try for a software which can work both online as well as offline. While the online software offers a safe backup of all the data entry through cloud computing, where every data entered in the software should be safely stored on a remote server.  Whereas the offline software gives the flexibility of working without a continuous internet connection. You can create your gst profile online and here you can check profile creation sites.
  3. User-friendly software- GST software is meant to be important by different personnel in the department. Thus the software should be easy to comprehend. Also, the software should provide multi-user functionality where more than one user can assess the software in more than one location for greater streamlining in the compliance and accounting procedures.
  4. Safe and secure framework- a GST invoice and billing software is there to deal with many confidential data of a company and its clients. This requires proper handling. Proper emphasis is vital to the privacy of the user’s data.

A GST return filing process is the process that contains detail of income which a taxpayer is liable to file with the tax administrative authorities. This is further used by the tax authorities to calculate the tax liability. Under a GST return file there has to be the information of sales, purchase, Output GST (On sales) and Input tax credit i.e. GST paid on the purchase. To file a GST return, GST compliant purchase and sales billing are necessary.