Goods and Service Tax in short GST has created a great revolution for the businesses in India. Before the implementation of GST, taxation process was a little tiresome but with GST, it has become easy to file the taxes.
But filing GST taxes takes a little bit more time and it is important for the business owners to make sure that the details that they enter are hundred percent accurate. This will take a little bit more time and efforts but in order to make it easy, the businesses can use the GST billing software. It will also automates the process and makes it easier to file the taxes. Some of the small and medium-sized businesses aren’t aware of the benefits that this GST compliant billing software has.
This article will provide you with the five most important reasons to have GST based software even though your business is a small one.
Ease of Filing Data and Simple Invoicing Methods
Most of the businesses use simple accounting software for all their requirements. This makes it harder to file the data and then integrate it with the online government portal of GST but with the help of a GST compliant billing software, it becomes easier to migrate the data from the software to the online portal.
The invoicing of GST is a little more complex. Various goods have different HSN codes and tax percentages and entering right codes as well as calculating the right tax percentage is mandatory. The normal accounting or billing software will not be able to calculate the taxes and provide the right invoicing. Hence using GST compliant software makes it easy to invoice various goods without any hassle.
Manage the Documents as well as Follow the Rules of GST
There are various documents included in the business, from filing the taxes to warning notices and refund a business entity has to take care of various things. All these documents have become digital since the arrival of GST and online documentation has become mandatory. The GST based billing software is crafted in a way that it can store the documents with ease. All the documents are classified based on their types and are stored in various folders.
There are various rules that have been brought by the government under GST. From various HSN codes to different tax slabs there are so many minute details that the businesses have to take care of.
The small and medium-sized businesses that aren’t able to afford an accountant are often in a horrendous situation while filing the taxes. A small minor mistake can cause a big loss to them. In this scenario, GST software will come in handy for them. The software will help them in meeting the new regulations that have been made by the government.
Data Security and Customization Facility
The data security has been the most important aspect nowadays. No matter where you store the data, there is a high chance that they can be breached but the situation isn’t same with the GST software.
The GST software available in the market is designed considering the security threats and they provide amazing security for the users. There is no need to worry about the data that you have stored in the software because it has been crafted with utmost perfection and investing in it will surely yield you so many benefits.
Customization of the software is another amazing advantage of the GST software. The software can be customized according to the requirements of your business. You can use the software as you need. The GST software is capable of addressing all types of tax penalties. Another best thing about the GST software is that they are highly flexible and can be integrated with various other software too.
Cost Effective and Time-Saving
It is important for any business to keep track of their invoices. But GST software will make this process easy. The software will help in keeping the track of all the invoices and it calculates the tax separately for each and every invoice. The entire invoicing process is pretty simple and can be done easily. It makes all finance related operations, from invoicing to tax filing easy and a lot of your time will be saved.
Most of the reliable GST billing software present in the market is available at an affordable price and investing in them for once will provide you with so many benefits. There are high chances that the cost of this GST compliance software will increase in the future. Not investing in a software will cost you more hence it is better to invest in software now when the prices are a little bit less. You will be able to save a few bucks and at the same time own GST compliance based software on your own.
Artificial Intelligence Will Make Everything Easier
A business entity present in one state should file thirty-seven tax returns in one single year. Yes, you heard it right. Although GST made the indirect taxation system vanish, the entire GST taxation system itself is complex and it takes some time as well as efforts to get adapted to the system. If the company has branches pan India then that company should file total 1073 tax returns in a single financial year and everyone knows that it isn’t an easy process.
But the artificial intelligence of GST compliant billing software makes it easy for the businesses to file the taxes. The complex filing of taxes is made easy with the help of GST.
GST has a great impact on small and medium-sized businesses. Now the customers are aware of the tax amount that they are paying to the government. This tax paying system provides so many benefits for both business owners and customers but there are few glitches in filing the taxes. A perfectly crafted GST compliance billing software will make everything easy for a small sized business.