Tag: GST filing software

One of India’s greatest tax reforms implemented on the 1st of July, 2017, the Goods and Service Tax, is a comprehensive tax levied on the supply of goods and services. The GST model in India entails the enactment of two components of taxation, Central Goods and service tax and State goods & service tax. It worked to replace all the indirect taxes such as central excise duty, single VAT, central state tax, and purchase tax. The implementation of GST has turned out to be of great benefit to business owners in India. Different types of Goods and Service Taxes The goods and service tax have been classified into 3 broad categories, namely, CGST, SGST, and IGST. CGST or Central Goods and Service Tax is the tax that is levied by the central government on the intra-state supply of goods and services within one single state in the country. SGST or State Goods and Services Tax is levied by the state government on the intra-state supply of goods and services within one single state in the country.  IGST Integrated goods and service tax is levied by the central government on the interstate supply of goods and services between two different states in India.  The CGST and the SGST are collected by the governing body of the state where the supply takes place and the IGST is distributed to the destination state after the central government collects it. What Is a GST Return? Who Should File, Due Date, and Types? GST-registered businesses are mandated to file monthly, quarterly, and annual returns of their business, based on the government-regulated slabs as per their businesses. A GST return is a document compilation of all tax-related credentials like details of income sales expenses purchases etc. That is used by tax authorities to calculate the net tax liability. The details in the GSTR document include:- Details of sales and purchase.Output GST on SalesInput tax credit or GST paid on sales. https://youtu.be/T0LsCe3oYOg?si=X6JeYg04JtpSCwoX Under the goods and service tax regime, 13 types of return in GST document a taxpayer's financial transactions and tax liabilities. They are, GSTR-1GSTR-1 is filed against all the goods and services provided by a company. Every registered firm is mandated to file this form. It is to be paid monthly by the 11th of every month. For firms registered under the QRMP scheme, it is to be paid quarterly by the 13th of the following quarter. GSTR-3BThis is a form of monthly self-declaration. It shows a comprehensive detail of All outward supplies made Input tax credit claimed tax liability taxes paid. GSTR-3 is to be paid monthly by the 20th of every month and for businesses registered under the QRMP scheme, it is to be paid quarterly, by the 22nd or 24th of the month of the following quarter. GSTR-4 GSTR-4 is an annual return form that is required to be filled by taxpayers who are registered under the composition scheme, that is. It demands to be filled annually by 30th April following the relevant financial year. It can be replaced by GSTR-9A. It is paid annually by the 30th of the month following a financial year. GSTR-5 GSTR-5 is to be filed by the registered non-resident Indians, during the period they are carrying out their businesses in India. They contain the details of outward supplies made inward supplies received credit-debit notes tax liability taxes paid. GSTR-5A GSTR-5A entails the tax payable by OIDAR, which stands for, Online Information and Database Access or Retrieval Services Provider. Both GSTR-5 and GSTR-5A are to be paid monthly by the 20th of every month. GSTR-6 GSTR-6 is to be filed by the Input Service Distributor (ISD). It is payable monthly. It comprises the input tax credit distributed by ISD and all the details of all the documents related to the input tax credit. It is paid monthly by the 13th of every month. GSTR-7 This return is filed by the people who are required to deduct Tax deducted at source (TDS) under GST. It comprises the details of TDS deducted, TDS liability payable and paid, and TDS refund if applicable. It is paid monthly by the 10th of next month. GSTR-8 This form is required to be filled by the e-commerce operators who are registered under the GST regime. Tax collected at source (TCS) is a statement of. It is paid monthly by the 10th of next month. GSTR-9 GSTR 9 contains details of outward supplies made, Details of outward supplies made, inward supplies received, a summary of supplies received under the HSN code, and details of tax payable and paid. It is paid annually on the 31st of December of the next financial year. GSTR10 The final return or GSTR 10 is to be filled by those whose registration has been cancelled due to some reason. It is required to be filled within three months of the cancellation order and the date of cancellation, depending upon what comes first. GSTR-11 Foreign embassies and diplomatic missions who...

Marg ERP is an Inventory and Accounting solution software that has been serving the industry since 1992 and possesses 850+ support centres with advanced features that contribute to managing and overcoming business problems. This software is specially produced to help small-scale businesses and provide them with equal opportunities to ease their success journey. The software also helps all businesses to improve their billing, inventory, and accounting performance. Unlike the manual method, Marg ERP automates all business operations, helping them save time and prepare accurate reports. Additionally, this allows entrepreneurs to record, evaluate, and interpret financial transactions, helping them to simplify complex banking and accounting processes and providing enough time to focus on other business operations.   In addition, users can upload data online and directly store it in Google Drive or OneDrive. They can access the data from anywhere and restore the backup as per their needs. It doesn’t end here, Marg ERP is beyond this.  https://youtu.be/oRpi2fy3REk?si=A6UqetIJLtKR1k1P What is an ERP System? An ERP solution is a comprehensive software that entails several business functions into a unified platform. Plus, it allows companies to control and automate key procedures. ERP software provides savvy services to make informed decisions and drive operations efficiency with consolidated data and real-time data visibility. Some of the ERP software examples other than Marg ERP, are Zoho ERP software, Tally, and more. In this article, we’ll discover how Marg ERP simplifies your business operations effortlessly. Maximise Efficiency Using Marg ERP, you can significantly mitigate the requirement to enter data manually with the cloud ERP software. This ERP solution efficiently manages data by making the data entry process manual-free, eliminating errors and repetitive processes. This allows you to free your workforce from daily activities and use them more efficiently. Thus, MARG ERP software for the manufacturing industry maximizes the overall operational efficiency of a business. Save Cost & Time The system lets you know near-expiry items months or a few days before the due date, that you can either sell fastly or return to the supplier before expiry, avoiding losses on expiry wastage. Additionally, you can create customized invoices with the company name, logo, and identity in the local language that you can send on WhatsApp to your customers which saves you costs on printing. Also, the software itself is very affordable. Financial Management Marg, the best ERP software in India possesses smart financial management features, such as accounting, financial reporting, billing, GST filing, POS, and more. The software automates financial processes, enhancing financial control, transparency in cash flow, and making informed financial decisions. Using this software, you also can create 100% Free e-invoices and upload them directly into the portal. It also helps you easily file GST bills and returns and make accurate GST reports by running an internal GST audit inside Marg. Centralized Data Management Marg ERP solution facilitates centralized data management and eliminates the requirement of multiple single-use systems and manual entry of data. When data is stored in a unified database, companies can ascertain data integral and access updated and accurate insights across the company. Supply Chain Management Marg ERP systems integrate supply chain management functionalities, enabling companies to optimize their procurement, inventory, and logistics procedures. This ensures efficient supply chain operations, minimizes costs, decreases stockouts, and improves customer service.  Live Insights and Reporting This ERP software for the manufacturing industry provides live visibility to all business operations via smart reporting features. Business owners can access accurate and upgraded data on several business aspects, like finances, inventory, billing, sales, and accounting bookkeeping. You can have live updates regarding expiry and reordering, and all billing transactions. This enables them to make data-driven decisions and faster management. Automate Repetitive Tasks Marg ERP system automates repetitive tasks, including re-order, inventory management - expiry, shortage, & excess, and auto-reminders on WhatsApp. Automation within the system eliminates manual efforts, reduces error possibilities, and speeds up the pace of processes, leading to improved productivity and saving cost and time that you can utilize to create something more creative and productive. Scalability & Flexibility Marg ERP system is designed in a way to scale with increasing business requirements. As your organization expands, this ERP system provides you with additional users, locations, features, and functions that ensure effortless processing and remove the extra cost of replacing the system. Regulatory Compliance All industries necessitate compliance with regulations and standards for small as well as large-size businesses. Marg ERP inventory and accounting software comes with built-in features that help enterprises comply with legal and industry-related requirements which mitigates the risk of potential and non-compliance penalties  Strengthen Customer Relations The best ERP software in India comes with features that help businesses strengthen their bond with customers. Marg ERP allows its users to create Loyalty Points and several other offers, schemes, discounts, and vouchers for customers that help retain them for longer. Marg ERP helps increase customer experience by letting users send auto-payment reminders and invoices and providing them with a customized...

Introduction Many countries have implemented GST Billing Software and have experienced a drastic change in their businesses particularly in the billing & invoicing process. The changes in technology such as moving from traditional billing methods to digital invoicing have become essential to ensure a smooth workflow of the business operations. So, for smooth business operations, businesses are implementing GST Billing Software that digitizes the complete billing process and along with that also ensures tax compliance. On the other hand, managing Goods and Services Tax (GST) can be a complex task for businesses of all sizes. From generating compliant invoices to filing accurate returns, staying on top of regulations can be time-consuming and prone to errors. This is where GST billing software comes into the picture. Meaning of GST Software GST software, or GST filing software, GST return software, or GST invoice software, simplifies your GST processes, saving you time and ensuring compliance. In this blog, let's explore the top features to look for when selecting the best GST billing software for your business, including how Marg ERP can be a powerful GST solution. Top Features to Consider in a GST Billing Software https://youtu.be/rB_lhMRqJrU?list=PLIxBHnW4TRhMK0jVlzMDy85Rpo6qlZo_j All Indian business owners need to select the appropriate GST billing software. Considering the complexity of GST rules, the reliable software solution can save you time and money while ensuring compliance. The following are the top features to consider when purchasing your GST billing software. 1. Make Invoices Easily The most important feature to look for when purchasing GST Billing Software is the ability to simply generate GST Compliant Invoices. It must include pre-defined templates, the company's logo and brand, and automatic tax calculations according to GST rates. 2. Inventory Management For any organization, keeping track of inventory is essential. Effective inventory management facilities must be available in the best GST billing software. The features like creating new items/products, maintaining stock levels, and the software should send an alert/reminder when the stock is low to avoid stock shortages resulting in simplifying the complete inventory process and meeting the customer demands. 3. Generate Customized Reports The best GST billing software provides advanced reporting and analysis tools. With the help of these tools, you can create customized reports on different business-related topics, including market trends, top-selling products, tax obligations, and customer purchasing behavior. With the help of GST Billing Software, the user must be able to make well-informed decisions for future growth and success, evaluate which are top-selling items, discover areas that require improvement, etc. all at your fingertips. 4. Customer Management One of the top features the user must consider while purchasing GST Billing Software is that the software must save the complete information i.e., Name, Mobile No., Address, Bill history, discount provided, etc. of their customers at one place so that it can be easily accessible at any time and also helps to manually eliminate the entering of customer’s details every time. 5. Filing GST Returns As we all are aware filing GST Returns is a very challenging and time-consuming task. Every business requires software in which the process of filing GST Returns is made simple and easy without the need for manual work. The best GST Software is integrated with the government’s GST Portal which enables the user to file GST Returns easily from the software itself and without visiting the GST Portal. Along with this, the best GST Billing Software eradicates the possibility of manual errors that occur in the transactions if done manually, and along with this, it saves the user’s time and effort. 6. Tax Clubbing for Easy Tax Calculations This feature is especially helpful for businesses whose earnings from sources must be clubbed with the owner's or any other specified person's earnings for taxation purposes. These calculations must be automatically managed by the best GST software to guarantee correct tax filing and compliance with the appropriate laws, increase tax benefits, and reduce mistakes. 7. Generate E-Way Bills It is essential for a business to generate E-Way Bills if the business transports goods exceed a specific value limit. This process is made easier if we select the best GST billing software, that allows the user to create and generate & manage single or multiple e-way bills right from the software. This ensures e-way bill compliance while improving the workflow. 8. Internal Audit A GST Invoice software has the facility to help the users to run the Internal Audits smoothly and without any errors. By using the best GST Software for your business, you can automatically verify the data as the software only identifies the errors, provides alerts, and facilitates you in quickly solving the errors. It also validates your suppliers' GSTINs providing accuracy of data and helping you in filing error-free GST reports. With the help of these inbuilt features in the software, the user can easily run internal audits at their fingertips, quickly identify errors, evaluate possible issues, and ensure that their financial records are...

Introduction GST has transformed the technique of running a business in the country. GST is a transaction-based consumption tax that is essential for businesses to accurately calculate and record their transactions’ GST component. Further, effective management makes businesses easier to file GST returns. Somehow, GST filing is a lengthy and time-consuming process that is done manually, causing errors and inaccurate records. However, the invention of the GST billing software simplifies the entire process. It keeps track of all the financial and GST in an integrated manner. Additionally, GST software with financial accounting manages all the different accounting needs of businesses. What is GST Billing Software? GST software is a top-notch option for all your compliance requirements. From issuing invoices to maintaining your inner and outer supplies, the GST Billing Software system allows you to keep your bookkeeping updated all the time effortlessly. Marg ERP determines that your GST returns are in sync with your accounting books and show similar data as used for filing returns in the GST port, becoming the relevant GST software for you. Using the software, you can create GST reports needed for filing in a few clicks, and helps to manage the inventory, purchase, and sales aspects of businesses. It’s an end-to-end business solution with financial accounting features. Book Free GST Billing Software Demo What is the significance of Taxes in India? The government of every country relies on Taxes to generate money which is used for the development of the country. The government can only run, take care of citizens, and maintain the infrastructure of the country through welfare schemes when it has the maximum funds. Hereupon, every individual must pay taxes to let the government function properly. Therefore, filing timely and accurate GST returns is crucial for compliance, as well as, it’s your duty towards your government. Purpose of GST Billing software in businesses One of the major roles of GST invoice software for PCs is to digitize the taxation process to run the business easily. When taxes are processed online, it simplifies managing the financial transactions of businesses digitally. When you integrate a user-friendly business management software system that calculates GST for all applicable transactions, financial accounting taxes become easier. It also ensures easy extraction of GST and invoices, ensuring compliance. In addition to this, you can smoothly create the relevant reports and file taxes timely. This software also files the online GST return seamlessly. List of facts about GST Software A GST software must manage and file your taxes easily. Here are some facts have been listed below that will give you an idea about how the software can help you in your business: 1. Seamless integration for business management If you run an isolated GST invoice software, it may make you reenter lots of data into the other software. However, an integrated any type of GST solution such as Marg ERP manages GST and all the financial functions of a business seamlessly. GST Software possesses essential accounting features that keep the financial and tax details in sync and updated. 2. Analytics & Reporting By analyzing the data, you can get the best out of it and get meaningful reports. The ideal GST invoice software for PCs must be able to extract data, helping you make informed decisions for your business. 3.Compliance The software should be designed in a way that your records and computation of GST for transactions, reports, and invoices created are completely GST compliant. It can also extract and generate all the required reports for GST filing digitally in real time. 4.Financial Management A GST Billing Software that is a part of business management software, like Marg ERP, you can easily generate taxation reports and other financial reports necessary for your business. Moreover, financial auditing and generating reports that are needed by financial companies and authorities can be faster. 5.Inventory Management Inventory management is the foremost factor for businesses and companies. The excellent GST software for small businesses can significantly manage the procurement of goods & services. By employing the software, businesses can easily manage inventory - Negative, Expired, Required, & Near-expiry stock, helping minimize losses on expiry and shortage of the products. 6.Security In today’s digital era, undoubtedly, security is the most critical assurance. Secured software protects the confidential information of businesses and avoids possibilities of compromise that can cause a threat to your business. With the growth of digitalization, hacking has also become digital and easy. Therefore, you must ensure to buy software with robust features and multiple layers of security, being able to secure data. 7.Multi-Platform Adaptability Under the fresh regime, businesses have to be compliant as there is less choice for alternatives. Somehow, matching invoices has been possible, ensuring that all taxable individuals in the value chain filed their GST Returns timely. This will impact the compliance rating of every business directly. Thus, to keep up with these compliance needs the GST invoice software should be accessible on...