GST stands for Global service tax, that came in amendment on July 2017,
Since then various business organization issues there GST numbers. These GST numbers are directly linked with taxing system to avoid duplication in taxing system that is beneficial both for customer and seller,
Simplified tax regime: Currently there are multiple indirect taxes (around 15) levied by the Central and the State Government and they differ across states. GST will simplify and rationalise the tax structure of India by bringing in a regime of a single and uniform tax.
GST is proposed to have a dual structure. It will have two components: Central GST and State GST. Central GST will replace Central excise duty, services tax and additional customs duties etc. and will be levied by the centre. State GST will replace VAT, Central State Tax, entertainment tax, luxury tax, lottery tax, electricity duty etc. and will be levied by the states.
GST will replace all indirect taxes and will be levied on all goods and services. The exceptions are: petroleum product, Entertainment and amusement tax levied and collected by Panchayat/ Municipality/ district council, alcohol, stamp duty, customs duty, tax on consumption and sale of electricity. So, if your company not comes under these exceptions you must go for GST Accounting software. We at Alignbooks provide you with different GST softwares at affordable rates. These software link your GST no with the accounting function and do the deductions as specified in GST tax slab.
Our GST Accounting software has the following features:
- Automatic updates: Using out-of-date accounting software is a biggest risk for your firm. So, your accounting software should be linked with GST system as well. Recent times has witnessed biggest change in Tax laws, regulations and financial practices due to GST, so it’s vital to use GST accounting software.
- Expandability: Your business may grow in scope as well as size. The accounting program vendor should either offer add-on modules that allow customers to slap extra capabilities to its product, or Change is GST slabs.
- Security: Your business depends on its accounting software for its very existence. If data is lost or tampered with you stand to lose time, money, business secrets (such as sales or profit data) and, if the damage is severe enough, your company. Any vendor should be able to tell you about its software’s built-in security features as well as how its product can mesh with your own on-site safeguards (such as anti-malware technology and network firewalls).
- Automation: Many companies require the full automation of employee expenses, payrolls and timesheets; company and departmental budgets; purchase requisitions and other complex financial activities.
- Internet connectivity: We are living in an era of internet where not business can survive in long run without internet. That’s why you’ll want to make sure that any GST accounting software you consider can send and receive digital documents, different tax stabs and handle electronic fund transfers.
These are the major GST software Services that an accounting software must provide. So, if you are planning to purchase a GST Software, we at Alignbooks serve you with updated GST Accounting Software that contains all the necessary features and makes your accounting quick and easy.