GST or Goods and Service tax is a common phrase today. Whether you go to a restaurant or buy clothes, you need to pay GST today. But, what is online GST return filing and how is it connected to your business? Actually, it is the tax bill that was passed on 6thMay 2015 on Lok Sabha. The implementation of this bill provides great advantages to the business persons. Actually, in the chain of supply, GST is acted as a value-added tax that is taxed at different checkpoints. As the GST tax has been introduced in India, it has eliminated the indirect tax structure at central as well as state level. But, what is GST return software? Read on to know more.
What Is GST Software?
Today, no matter what size of the business you hold, you need to help of online accounting software. Companies can outsource accounting activities or employ an effective team, but that is only time and money-consuming. With the advancement of technology, today, this accounting software is efficient in keeping your bank statement, ledger, finance, inventories, accounts, calculations and all types of taxes and make separate files so that you can find them just by one click. Presently, with the advent of GST tax, the software is upgraded so that it can calculate GST effectively. It has become more beneficial for all types of business, small, medium or large. The sectors, where GST software helps businesses are-
- Sales and service industry
- Retailers
- Traders
- Job works
- Distributors
- Manufacturing and production houses
Basically, the GST software is designed and developed in a way so that it can help the taxpayers to register and migrate their business on government portal along with assisting them with the imminent GST structure. The companies who are developing GST based accounting software are putting their best effort to advance the tax billing and filing. This not only has made the entire thing easily understandable, but the business houses also get the idea about GST return filing and how it is done. Overall, the software has been designed in a way so that GST calculation and tax filing can be simpler than ever.
Essential Features of GST Software
It is a well-known fact that GST software has made accounting much easier than ever for businesses. Along with keeping records of finances and accounts of the business houses, now the software is advanced enough to calculate GST tax and link your bank statement with it. Here are the best features of the software. Read on to know well-
- E-filing for all types of dealer returns
- Generation of the invoice as per guidelines of GST
- Reconciliation with GST online portal
- E-payment facility of taxes as per GST rates
- Maintain cash ledger, credit ledger,and tax liability register
- Generating ITC report
So, here you get a brief overview of GST accounting software. While running a business, you need to find out ways to profit more by investing less. This software will help you to be on the track.