One of the main challenges that accountants and taxpayers face when implementing goods and services tax is the complexity of tax compliance. For example, tax compliance includes submitting multiple tax returns and requesting ITC refunds. Similarly, taxpayers must also issue GST-compliant invoices.
Therefore, such invoices need to include components such as HSN / SAC codes, GSTIN of suppliers and receivers, various taxes and fees under GST, GST tax rates, etc. In addition, they also need to track the adoption of notices and announcements by the GST Council.
This complexity makes it difficult for accountants and taxpayers to report in time and be fully compliant. Therefore, in order to avoid delays in tax payment, tax filing and effectively meet regulatory requirements, such stakeholders can use GST accounting software.
A good GST accounting software allows taxpayers, accounting professionals and business owners to easily create GST-ready invoices, archive GST returns, generate GST reports and seamlessly manage their accounting data.
1. GST ready invoice
Taxpayers registered under the Goods and Services Tax need to generate invoices in accordance with the Goods and Services Tax format. GST-compliant invoices include the following details:
-GSTIN of suppliers and receivers
-HSN / SAC code
-Different taxes applicable under GST, such as CGST, SGST, IGST, UTGST
-Applicable GST tax rate
2. GST prepares the report
According to the goods and services tax system, taxpayers are required to submit tax returns on a monthly, quarterly and yearly basis. Such returns must be submitted in a specific format prescribed by GST law.
For example, the taxpayer needs to file the details of the outbound supply in GSTR-1 every month and prepare a summary report in GSTR-3B. Similarly, taxpayers who are responsible for deducting TDS are required to submit their tax returns on the GSTR-7 form each month. Ordinary taxpayers need to submit annual tax returns in GSTR-9.
3. ITC match / mismatch report
Under the Goods and Services Tax (GST) system, taxpayers can claim ITC for goods and services tax paid on inward supplies. However, only when the supplier regularly submits tax returns can he claim input tax credits.
With excellent GST software, taxpayers can accurately calculate input tax credits through ITC match / mismatch reports. The report enables taxpayers to match purchases recorded in GST accounting software with GST invoices uploaded by suppliers on public portals.
4. Support cloud technology
-Generate goods and services tax and accounting reports
-Create a custom GST invoice
-Manage accounting data for customers and suppliers
-Track expenses and Know the overall location of the enterprise from any device anytime, anywhere.
5. Automatically calculate taxes
With the help of eBillPro GST software, taxpayers can find the applicable GST tax rate and automatically calculate their taxable amount. This allows taxpayers to accurately determine the amount of tax payable, and avoids errors in tax calculations, thereby paying taxes in a timely manner.
eBillPro GST software will provide a list of applicable GST rates under GST, such as CGST, SGST, UTGST, IGST and CESS. In addition, after selecting the applicable GST tax rate from the drop-down list, the GST software will automatically apply this tax rate to the taxable value of goods and services and calculate the tax amount payable for a specific tax invoice.
6. HSN / SAC code search
The GST system uses the HSN / SAC rules to classify goods and services. Therefore, it is mandatory for people registered under GST to specify the relevant HSN / SAC codes for the goods or services they provide to tax invoices.
7. Data security
Data security is one of the key functions that good GST software needs to possess. Customer and supplier information is very valuable. In some cases, misuse of such information can have consequences for money, energy, time, and valuable business information.
The cost of GST software is another important factor to consider when deciding to purchase GST software. Online GST billing software can be used at a relatively low subscription fee, and each license can access a single or multiple users.
9. Third-party applications
The third-party application connected to the GST accounting software makes it a one-stop destination for managing all accounting and business information. A large number of third-party applications integrated with GST software enable taxpayers to perform various tasks in one place, such as payroll management, inventory management, etc.
10. Customer support
Taxpayers under the consumption tax system need to submit some forms to provide tax returns and request refunds. Needless to say, due to the complexity of the goods and services tax system, the strict requirements of taxpayers need to be met.
Therefore, GST software providers will make changes to GST software from time to time. This has led to investments in taxpayers and accounting professionals to adapt to the changes.
Excellent customer support makes it easy for taxpayers and accounting professionals to understand the various functions of the GST software. In addition, it helps them understand the ways they can help solve their business and accounting needs.
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