GST Software – How GST Software Works, Features & Benefits?

Benefit of GST Software

Table of Contents

What is GST?

Simply, along with the other heads like Service Tax, VAT, Excise etc, now GST becomes one major head for indirect taxes. GST stands for Goods and Services Tax, and with the implementation of GST in 2017, many processes have become much easier but GST software has taken this a step further by making the process user-friendly and less complex.

What is GST Software?

Like any other accounting software, GST software helps you to streamline all your tasks related to GST compliance. This is mostly used by the taxpayers, professionals and businesses to manage their GST compliance in a more efficient and streamlined manner. This software is based on GST rules and principles and provides many useful and additional features that will make GST filing and processing much easier.

Features of GST Software

Each GST software has its own list of features. GST software provides you with all the features you need to manage your GST compliance such as generate invoices, reconcile different reports, match ITC, and file returns etc.

  1. GST Invoice: It allows taxpayers to generate a GST compliant invoice as per their requirements and format which includes all the mandatory things like GST No., HSN/SAC Code, GST Rate and all applicable taxes. It also enables taxpayers to schedule invoices and send payment reminders for outstanding payments.
  2. Generate easy Reports: This will help the taxpayers to generate an easy report by importing all their GST data from excel sheets in the GST software or generate reports by recording all sales and purchase entries. These reports help to file monthly, quarterly and annual tax returns.
  3. Check and Match Reports: Under GST filing you have to create many different types of reports and if there is some error, manually checking and matching these reports is a very difficult and time-consuming activity, but the same thing with GST software, you can do it in minutes and get an error very easily. You can reconcile the mismatches of Invoices/Purchases/ITC/Returns.
  4. Get HSN/SAC codes: It is very difficult to search for relevant HSN/SAC Code manually. But with the help of GST software, taxpayers can easily look for these codes based on their taxable goods and services.
  5. Auto Tax Calculation: With GST Software, taxpayers can easily calculate their tax liability accurately without any errors. You can easily locate the applicable GST rates under CGST, SGST, UTGST, IGST and CESS. After submitting the details to the software it automatically calculates and generates all the necessary reports and invoices related to GST data.
  6. Cloud-Based: GST software also supports cloud technology. Cloud feature enables you to access your GST data from anytime and anywhere. This cloud-based accounting helps you do all your tasks on the go, which saves taxpayers time and costs.
  7. Third-Party Support: This software allows you to connect to a third-party application, which makes it a one-stop accounting solution to manage all your accounting and tax operations.
  8. Advanced Security: As the taxpayer information is extremely valuable, protection of your valuable info and other confidential information needs high security. GST Software equipped with the highest standard encryption technologies to protect your data and other confidential information round the clock.
  9. Seamless filing process: The best GST software provides you with an excellent experience while filing GST Returns. Basic information is saved on GSTN and further, it is fetched automatically.
  10. Multiple Users: This feature will enable you to create multiple businesses with multiple GST numbers. So you can manage all the different businesses with the same accounting software.

This can not only significantly reduce your compliance time but also empower you to achieve all your GST efforts.

Benefits of GST software

  •   GST Software will reduce your cost.
  •   The hectic paperwork gets reduced which leads to accounting automation.
  •   Ensures easy transition from the current regime to GST
  •   The risk of tax evasion reduces as you are aware of all your current tax liability.
  •   Hassle-free process of GST returns and compliances
  •   Helps in report generation & Easy Reconciliation of Records

However, choosing the right software is the key to manage the complexities associated with GST implementation. Yet, many taxpayers find it difficult to choose appropriate GST software or any software to manage their accounting and tax operations for the business.

Of course, today there are many advanced accounting software brands in India, which provide you with GST software with top-tier features. But they all have their own distinct characteristics and are also highly diverse in terms of pricing. Therefore, you need to choose user-friendly software that will fulfill all your requirements and is also within your budget.

Therefore, if you are looking for GST software which is within all your requirements and your budget too. So for this, you will have to do online research. Compare each point of different brands properly and then test the GST software using the free trial period. The trial period gives you an opportunity to choose the best option suited for you. You can also try Marg ERP GST billing software, which is good & easy to understand. 

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