While the GST Council and the Government are trying to make GST easier for the taxpayers, a lot of things are still complex and time-consuming. To help save time, businesses can invest in a reliable GST software. Read this post to know five reasons why such programs are ideal for every business.
While GST has completed more than one year in India, a lot of things with regards to this biggest tax reform in the country are still complicated and time-consuming. In its March 2018 report, the World Bank said that the GST system in India is one of the most complicated in the world and has the highest tax rates and the largest number of tax slabs.
While the GST Council and Government have made plenty of changes in GST in the past several months, it is still not the simple and good tax regime promised by the Government. Many businesses are already spending a lot of time and money on compliance, and it is taking a toll on their operations.
Fortunately, there are GST software available so that businesses can use to experience many benefits. If you run a business and are looking for a simple solution to all your GST problems, these are some reasons why the software can be a great choice-
- Easy Data Filing
Many businesses already use account software for managing their inventories, finances, invoices, bills, etc. With the help of GST software, companies can experience utmost convenience with regards to filing their data on government portals.
From online registration, data filing, to tax calculation, everything gets easier and faster with the software.
- Complete Accuracy
While taxpayers would be allowed to make changes to the GST returns once the GST forms would be implemented in 2019, currently, the returns cannot be revised. If at all you end up making any mistake, you might be required to pay a hefty penalty.
With the help of GST software, taxpayers can easily preview their returns before filing. As the software preserves all the data, cross-checking the accuracy while filing is easy.
- Supports Every Type of Business
The software is created in a way that it contains all the data with regards to different types of businesses. No matter if you run a restaurant, an IT company, or a school, the software automates the taxes as per your business process.
Moreover, many of the software providers also update their software as soon as the GST council makes any changes to GST. This ensures that you always follow the latest tax laws.
- Can Be Used by Multiple Users
Your business might have to register itself in different states, and there can be a lot of people involved in tax preparation. For this, GST software also supports multiple users and states.
All the members responsible for tax preparation in different states can use the same dashboard to avoid errors. A lot of such software can also be linked to billing systems or ERPs for enhanced convenience.
- Saves Money and Time
Needless to say, by automating the tax preparation process and tracking all the billing information and invoices, the software helps businesses save time and money.
Majority of the CAs and GST practitioners already use such softwares to enable businesses get GST audit certificates and offer advisory and compliance support.
While GST still has a long way to go, most experts agree that it is a significant step in the right direction. If your business is struggling due to GST compliance, look for a reliable GST software, and you are sure to experience the benefits discussed above.