The current tax structure of India is not very simple. GST or Goods and Services Tax Bill has replaced all the present tax laws and combines all the taxes into one.
GST offers several advantages, such as free goods movement, reduced costs, effortless tax compliance, easier tax collection etc. However, GST has some issues for small establishments. Some of these issues are:
Use of GST Compatible Invoices
Invoices have to be compatible and accordant with the GST and the businesspersons can only issue those invoices. They should be double-checked to make sure that they are associated with the correct and appropriate data structure.
Keeping Each and Every Invoice for Claiming the Input Tax Credit
Storing huge data on system’s hard drives is a tedious job. Data along with other important files can be lost or maybe accidentally deleted any time.
Applying the Correct Amount of Tax, No Errors Entertained
GST structure and rates are said to be easy-to-use; however, every establishment should ensure they are using the correct tax rate for their every invoice.
You have to store all of your business data and information in an easy-to-access place so that you can instantly upload them to the GST servers.
There are some other issues as well. If you want to get the idea of updated information of GST, then follow the internet.
By taking a look on all of the above-specified issues, you probably have realized the usefulness of GST accounting software. However, for your convenience, some of the advantages are described below:
Ready-to-use GST Invoice Templates
You will be able to make the correct and perfect invoices for all of your clients with the help of the readymade GST invoice templates. With just some few clicks, your invoices report will be available in the perfect GST compatible format.
Controlling the Financial Data
You have to use an online billing system for GST. It will become much easier in keeping track all of your sent invoices and managing all of your payments. With an appropriate integrated system, filing reports will also become much easier. Thus, the two valuable aspects – money and time will be saved.
This software will keep track all of the payments with the specialized reports and thus, you will know about the due invoice (if any). The clients will have automated notifications regarding payment that will be helpful for you to receive your payment on time.
With the appropriate and efficient software, you can evade any types of errors by effortlessly applying cGST, sGST and iGST for all the invoices.
Safe Online Storage
You can easily access your data anywhere, anytime, from your tablet or computer. However, if you forget to observe something, then you can log in to that software online and voila! You will get access all of your documents there.
An efficient billing software (GST compatible) will help you to file your GST returns.
If you want to know the affordable GST software price, then you can go through different websites.