With effect from 1st July 2017, the Indian government eliminated the need for several indirect taxes constituting them in one, Goods and Services Tax (GST).
This indirect tax is levied on the supply of goods and services across the country, aiming to increase logistical efficiency and better regulation of the unorganised sector.
After the commencement of GST, businesses that have a turnover of Rs.20 lakh and beyond now need to file GST returns.
While filing returns, they need to mention details of the sales and purchases of goods and services along with details of collected and paid taxes.
Since the process can be tedious and complicated, the best GST software is a basic requirement.
Individuals will be able to manage their GST compliance efficiently with the software program and also help organisations generate invoices according to the statutory guidelines.
Factors chartered accountants should keep in mind for GST return filing
- Get access to all the needed guidance for GST filing so that any mistakes or errors can be avoided.
- In case of discrepancies, make sure to appoint a reliable resource that can help solve the issue.
- Real-time integration with government portal saves one from the trouble of logging in to the portal time and again and saves one from facing technical glitches.
- Make sure to invest in cloud-based, user-friendly, and automated software that knows how to calculate GST like a pro.
Best GST software to consider
Business units or individuals may find the procedure of filing GST complicated and seek tax consultancy services to get the task done easily.
Furthermore, the use of software applications has made the tasks even easier for chartered accountants extending this service. Following are some GST software CAs should invest in to get the maximum return out of it.
- Tally ERP 9
Serving more than 1.6 million users across the globe, this offline accounting software is designed with several modules to assist chartered accountants in their business endeavours. The software includes modules, such as
- Tax management.
- Inventory management.
- Billing and Invoicing.
- Supplier and purchase order management.
- HR payroll management.
It is an efficient and cost-effective tool that can be used in both single-user and multi-user mode. Users will need to have a LAN connection and stable IP address to be able to use the multi-user mode.
The updated version of SAP ERP 6.0 SP26 or higher is one of the best GST software and has inclusive GST services for small and medium enterprises.
Chartered accountants can make use of the software application and serve customers and clients that need assistance in GST related matters. SAP (systems, applications, and products) is a data management program that assists chartered accountants life a lot easier.
- Horizon ERP
It is a GST billing and compliance software that is best implemented in small enterprises. The ready to use software offers a complete billing and GST compliance system that makes half the task easier of chartered accountants. They can easily extend services to clients while depending on the efficient software solution.
- Reach accountant
It is online accounting software that can be easily used as an alternative for Tally or SAP software. The tool caters to the need of small and medium-sized enterprises and is one of the best GST software that CAs can use.
With Reach accountant, providing GST compliance services and consulting will be easier and less tedious.
Since filing GST returns can be a tedious task, businesses often let dedicated or contracted chartered accountants do their work. Now, filing returns and managing invoices all can be done hassle-free with the help of the above-mentioned software.
Nonetheless, businesses will require more than just the software but other basic infrastructure as well to benefit the most from GST.
For the necessary funding, they can easily consider availing a loan for chartered accountants and acquire funding for the same.
Moreover, leading non-banking financial company Bajaj Finserv to simplify the loan application procedure by introducing pre-approved offers on loans to existing customers.
Nevertheless, GST does impact chartered accountant loan as well because of associated charges like processing fees, part pre-payment fees, etc.
Subsequently, it is integral for companies as well as independent businesses individuals to file GST returns so that they can be tax compliant and avail the benefits. In this regard, such software programmes can help businesses file returns, generate an invoice and complete other GST related procedure with ease.