Under the GST regime, the complicated multi-stratified tax system is now abbreviated to one tax mechanism – GST. The most noteworthy thing to notice in the Goods and Services Tax regime is that the taxation system has become utterly digital and it is the most complicated taxation system. Fortunately, GST software has the capability to overcome almost every tax-related issues.
No matter, the size of the business, an all-inclusive GST software is a prerequisite for running the business efficiently and hassle-free. The GST software, that is designed considering the rules and regulation laid by government, can generate reports, invoices, bank reconciliations and files GST returns accurately and easily.
Some of the few advantages of adopting GST software are as follow:
- Customizable Software
GST billing software is customizable to generate invoices, receipts, and statements on the basis of the business needs and desires of a user.
- Ease the Registration and Filing of Data
GST software not only eases the registration and filing of complex data but also simplifies the processes of calculation of taxes, invoice generation, and ITC claim.
- Simplifies Invoicing and Calculation of Taxes
Service-based industries follow the VAT system and perform the humdrum and tiring tasks that include calculation of taxes on the basis of transactions and different tax rates for different items. GST software simplifies the calculation of taxes and eases the process of invoicing.
GST software automates the billing, invoicing and calculations and thus left no chances for errors i.e. The Gen GST free online billing software helps you in the following compliance as per the government norms & regulation.
- Time and Cost-Effective
GST software manages all financial operations ranging from tax filing to invoicing and slashes the cost, which otherwise would have incurred on hiring professionals for the respective activities.
- Access Data Anytime Anywhere
GST software allows you to access, track and use all the documents which are saved at one place whenever and from wherever you want.
- Germinate smart business persons
The GST software makes the business owner/persons aware of the pertinent tax rate they are supposed to pay, to whom and where.
- Businessmen can better focus on core business tasks
GST software automates and fulfills various tasks and thus enables each business to focus on their core business activities.
Some of the drawbacks:
- Some software permits only a limited number of users.
- Some software lack branch consolidation feature.
- Some are difficult to be operated by businesses, not yet fully established.
- The software should be GST compliant otherwise it may lead you to pay penalties and interest.
Implementation of GST knocks off the hardships of repeated registration and data filing. The GST software fiats the accounting software because it is based on the uniform tax system which is prevailing today, so it totally curtails the tiresome tasks of calculating various types of tax. GST software ensures transparency within the system and lessens the chances of tax evasion.