Question 1

What is GST billing software?

Accepted Answer

GST Billing software is a software which helps business owners to file monthly, quarterly or annual GST return and other compliance easily. A GST software helps you file 100% accurate, error-free GST returns directly from the software to save time & efforts.

Question 2

How do I download GST Software?

Accepted Answer

You can download Marg GST Software from the link: https://margcompusoft.com/downloads.aspx

Question 3

How do I calculate GST?

Accepted Answer

You can calculate GST with many online GST calculation tools available online.

Question 4

What is the formula for GST calculation?

Accepted Answer

With GST Billing software you don’t have to calculate GST manually, it will automatically calculated at the time of billing. Marg GST billing software ensures 100% error-free calculation at the time of billing & generate GST ready invoices that can be directly uploaded on the GST portal for return filing. Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount. Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount

Question 5

How long does it take to implement GST software?

Accepted Answer

If you implement the suitable software for your business like Marg GST Billing Software, it will take 5-10 minutes to start GST billing. Implementation of GST billing software is very easy & user friendly.

Question 6

Is there any free GST billing software?

Accepted Answer

There are many free software in the market for GST return filing. Marg is one of the best GST billing software for return filing, free GST billing, inventory & finance management. It also aids in creating customised invoices with the business logo & details. Marg is easy to use and is compliant with the latest Government taxation system

Question 7

Is GST bill mandatory?

Accepted Answer

Yes GST bill is mandatory in most of the categories if GST is applicable. Only in the categories where GST is not applicable GST bill is not mandatory.

Question 8

What is HSN code in GST?

Accepted Answer

The full form of HSN is “Harmonized System of Nomenclature”. In India, HSN Code is a 8-digit uniform codes which is used to classify different products & categories on the basis of GST applicability and is accepted worldwide.

Question 9

What are the due dates for GST return filing?

Accepted Answer

Date for filing GST annual returns of FY 18-19, which was due on 31st March 2020 was extended till the last week of June 2020. Later amid Covid19 situation the finance minister Nirmala Sithraman further extended the due date till 30th September 2020. No late fee and penalty will be charged if returns are filed before the last due date.

Question 10

What is the penalty for non-filing or late GST return filing?

Accepted Answer

Penalty fee is applicable in case late filing of GST return. The amount of late fee is Rs. 100 per day per Act. So it counts as Rs 100 under CGST &Rs. 100 under SGST. This count a total of Rs. 200/day* that will be charged as a late fee. Although a maximum of Rs. 5,000 can be charged as the late fee. There is no late fee applicable on IGST in case of delayed filing. Along with the late fee, an interest of 18% is calculated per annum and is applicable for a time period starting from the last date of late filing.

Question 11

What is the interest on late payment of GST Due?

Accepted Answer

An interest of 18% is calculated per annum and is applicable for a time period starting from the last date of late filing.

Question 12

What is composition scheme?

Accepted Answer

The composition scheme is for the qualifying taxpayers with turnover less than 50 lakh in the preceding financial year to pay the percentage of their yearly turnover as tax in a state. The tax payer does not need to collect tax from their customer directly. The composition scheme also provides following benefits: File single quarterly return in spite of monthly returns Pay a lower tax rate, offering a competitive advantage Save time in maintain records & books

Question 13

If GSTIN is wrongly mentioned in a particular month's GSTR-1, can it be corrected?

Accepted Answer

In GSTR 1, if the mistake is occurred in taxable amount, tax amount, tax rate, etc can be rectified. But if the mistake is occurred in GSTIN, party name, head of tax i.e, IGST, CGST and SGST then no rectification can be made. If mistake is occurred in taxable amount, tax amount, tax rate, then the rectification can be made in it through amendment to invoices in next month’s GSTR 1.

Question 14

Does GST software provides report on sales?

Accepted Answer

Yes, GST software has the provision to provide sales reports & other reports related to stock, accounts & finances. You can manage your sales, inventory & accounting with the help of a GST software.

Question 15

Does GST software allows return data download feature?

Accepted Answer

Yes, you can easily download all the data & returns filed.

Question 16

Is there facility to file annual composition form and audit form?

Accepted Answer

Yes there is a facility to file annual composition form. Filing Form GSTR-4 Annual return: Logon to your dashboard, click on Services > Returns > Annual Return >Select FY>Search>GSTR 4> FILE THE RETURN. Some important Points: Form GSTR 4 can be filed only if, all applicable quarterly statements in Form CMP 08 of that financial year, have been filed

Question 17

Does GST provides return filing facility for GSTR 7 and GSTR 8?

Accepted Answer

Yes you can file GSTR 7 & GSTR 8 also.

Question 18

Is there support service for the softwares purchased?

Accepted Answer

Yes, most of the vendors provide after sales & support service to you. Software like Marg has a dedicated customer care departments that helps you through every step from the installation tile software usage & return filing.

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