The Goods and Services Tax, sweeping the older taxation system, has made its everlasting impression on the Indian financial system as well as the economy. The GST eliminates the effects of the older tax collection procedures which set the tax evasion in the high motion. And the tax evasion ultimately led to agitate consumers with flawed business routines. The government, in the hope of bringing back the lost essence of taxation, has implemented GST foreseeing the positive results.
Although, after the formal implementation of the GST regime in India, the people threw over several backlashes that suppressed the system’s performance. Moreover, the system in itself had minor glitches which the council continuously keeps on improving and maintaining. With the GST rising and the government urging every business to comply with rules and regulations of the new taxation system, the people’s need to make the process easier increased. And ultimately, the idea to buy GST software for the ease of the GST-related processes turned out to be of a great assistance to the people.
A GST software aims to provide the solution to every aspect of the taxation system. It caters assistance to the GST registration, return filing, maintaining input tax credit, and even tracking GST. The usage of the GST has proven to be helpful in multiple ways as an effective software could help all the dimension of the business from the account management to inventory maintenance. Some businesses buy GST software to make it serve as a backbone of the taxation-related of their organization.
The features of an ideal software
The efficiency of the software has brought a tremendous change in the ideology of the many taxpayers of the nation as they have now effectively adopted the new taxation regime. As the importance of the GST software is increasing each day, one must be aware of the way to identify a genuine and ideal software for his/her business.
1. The invoice generation:
It is very important that the software generates sales-purchase invoices as per the rules and regulations of the GST Act. The process of the software should be such that it maintains the standards of the Goods and Services Tax.
2. E-filing of the returns:
The software should have the capacity to electronically file the returns that too on time. Under the GST Act, a person has to file 37 returns in a financial year. Hence, the software should have the integrated technology that can effectively cope with the return reconciliation.
This is the most required feature one must cross-check before making up the mind to buy GST software. The software allowing the taxpayer to only upload-download the documents is a big-time kill. It must have the feature to make the payments on-the-go.
4. Data import/export:
According to the rules and regulations of the Goods and Services Tax, the entire process of taxation is digital. Keeping that in mind, the software must give an access to prepare sheets and manage the documents by both importing and exporting them. Otherwise, the process would become too hectic.
5. Input tax credit:
Also termed as ITC, this feature is simply meant to reduce the taxation already paid on inputs while one is paying the tax on an output. It is a vital factor that results in the accurate calculation of the tax and also the maintenance of the record of the tax paid on the purchases. This feature allows you to seamlessly file your ITC returns.
6. Tax calculator:
The integration of a fully adaptable calculator in the software has a high importance. An efficient GST calculator helps a business in the calculation of the applicable tax, returns, input tax, etc. With a highly advanced calculator also comes the HSN/SAC code finder that is important as the taxation system is destination-based now.
The government has made the current taxation system completely digital making the integration of the technology and software with the regime sound genuine. The tediousness of the GST process can be easily reduced to a minimum of zero if the business chooses to take the benefit of the usability of the software over complying manually with the rules and regulations of the Goods and Services Tax Act.