What is GST Software ?
GST software is a user-friendly accounting and invoicing solution that fulfils GST related needs of various organizations. It helps users automate certain areas of GST such as filing GST returns & forms, making e-payment, challan registration, HSN code mapping, etc. Moreover, it also helps in other areas such as invoicing, accounting, inventory management, auto-generation of ledgers & financial statement and more. In other words, it integrates all verticals of GST, from invoicing to GST return filing.
Who needs GST Software?
GST software can be deployed by any taxpayer, accounting consultant and following:
- GST Software for Large and Small Business Organization: A business organization irrespective of its size can implement GST software. Therefore, both SMEs and large scale companies can use this software for completing various GST activities.
- GST Accounting Software For Freelance Accountant: An accountant that has plenty of clients in his/her kitty can invest in GST accounting software to file returns, generating invoices, passing journal entries, reconciliation.
- Best GST Software For CA Firms: Last but not least, CA firms can also use GST ready software to submit GST forms, importing data, generate e-way bills & challans, pay tax as per accurate GST rate, and more such GST-relevant purposes.
Advantages of GST Accounting Software Implementation
GST Accounting software plays a vital role by enabling companies to pay taxes on time and at a legit rate. Unlike previous tax regime, GST calls for uploading of invoices with return filing to get the tax credit. GST billing software ensures that every invoice is verified before processing so that there is no roadblock in the way of getting the input tax credit. Additionally, if e-filing of return is delayed or not done, the penalty is bound to be levied. And, GST software helps you in filing a timely return. Similarly, GST ready software is required to ensure that other areas concerning GST and accounting work effectively.
Modules of GST Software For Small Business in India
These are the modules of GST ready software through which you can have a smooth tax-paying experience:
- Import-Export Data GST software facilitates import/export of data from third-party software. You can import data related to supplier & receiver directly from online portals. Similarly, importing JSON file from any software or utility to GST ready software is also possible. Additionally, the proposed software supports the export of data to the GST government offline tool & SAG excel.
- GST Invoicing Solution This is one of the essential modules of GST billing software, as it lets you generate invoices as per the GST standards. The invoice has complete details regarding product/service, different types of GST tax levied (SGST, CGST, IGST), etc. Moreover, there are many GST software that also provide you with ready-made GST invoice templates.
- Best GST Billing Software for E-Way Bill You can easily generate GST e-way bills in bulk for both, registered taxpayers and transporters. However, this module isn’t restricted to this as you can completely control all the activities concerning the respective bill. You can extend its validity, cancel it and reject it in a few clicks. Besides this, best GST software facilitates printing of e-way bill in both short and detailed manner.
- Inventory Management Solution with GST accounting software supports in maintaining a proper list of goods and services including rate, description, tax information, date of purchase, date of sale, etc. You remain updated about the inventory level and eventually place the order as per the business requirement. Also, you have complete information regarding stock issued including the number of products, client details, and more.
- Online GST Solution Database Management to Manage complete data related to your customers and vendors with the best GST software in India. Get details concerning customers such as the amount of invoice raised, payment received, amount due, and the discount given. Similarly, you can easily verify GSTIN of your vendors, reconcile payment, check amount to be paid, etc.
- Input Tax Credit Management With GST software by your side, you can never mis-calculate the amount of Input Tax Credit (ITC) or fail to receive it on time. The respective software will calculate the input amount as per GST rules and update the GST credit register on time. Also, it compares GSTR 3B and GSTR 2A to ensure you are claiming the exact amount of ITC that has been shown by the supplier against taxpayer’s GSTIN.
- Generate Reports Online GST accounting software helps you in making informed business decisions by letting you prepare insightful reports. These reports are created using accurate data and assists in analysing true business performance. Using the software, you can make reports on various metrics such as sales, purchase, invoice. Additionally, if there is any mismatch in the ITC amount claimed and the taxpayer is eligible for, a report regarding the same can also be generated.
List of GST Software Features
Best GST software in India comes with some basic and unique features that let GST taxpayers have a smooth ride, and those features are as follows:
- HSN and SAC Code Mapping GST software saves your time by helping you find the Harmonized System of Nomenclature (HSN) Code and Service Accounting Codes (SAC). With the right HAC and SAC, you need not add a detailed description of goods/services. Moreover, the tax amount is automatically calculated by software with the applicable rate of GST.
- Multi-Currency & Multi-Lingual There is various GST ready software that accepts data in other currency and language. Such software come handy for organizations that work at the global level. Auto-conversion is done as per applicable rate, tax amount is calculated as per GST standards and charged in the invoice by the software.
- Reconciliation GST software facilitates automatic reconciliation of data and IT returns. For instance, it reconciles GSTR-3B with Input Tax Credit Register maintained. It also matches the purchase invoice with sales invoice uploaded by sellers. The respective software helps in quickly handling cases of mismatches and ensures that the correction is made in no time.
- Best GST Accounting Software for Track Accounts Receivable GST compliance accounting software enhances the transparency into the business through tracking down the accounts receivables against all the invoices raised. It will help you set the credit period and notify if the collection is not made on time. By helping you receive the timely payment, it will ensure that the cash flow of your business remains healthy.
- GST Return Filing This is one of the crucial features of GST ready software. It facilitates quick e-filing of all the GST returns. You can import the required data related to purchase, sales, input tax credit and it will be automatically registered in the GST-returns. If there is any error, discrepancy or mismatch of the amount, you will be informed instantly to ensure that the correct return is filed.
- GST Payment GST software provides you with the ease of paying tax return via e-payment facility. You can pay GST online with a secured payment gateway such as net banking, credit card, debit card. You can even make payment via generating challan and proposed software will help you in generating electronic challan from GST portal. Further, it will facilitate challan printing as well as challan register maintenance.
- Automatic Ledger Creation GST accounting software doesn’t need a professional to use it. You can use it with little or no accounting knowledge, especially for preparing ledgers. Once you have raised or uploaded the invoice, rest will be done by the software automatically. Not only ledgers, but auto-generation of financial statements is also facilitated by the respective software.
Benefits of GST Billing Software For Generate Invoices Online
Use of the best GST software in your business can bring you significant benefits, and some of them are as follows:
- Effortless Return Filing Return filing is the key feature of GST software. You can file any number of GST returns online and in no time using this software. For instance, a taxpayer registered in one state needs to file 25 GST returns in a year. Considering business is PAN-India, you need to file 725 returns in a year, i.e. two returns per day. Don’t you think, accomplishing this task manually is a bit difficult?
- Minimal Manual Efforts With GST invoice software, you can smoothly get rid of errors such as amount calculation, levying right tax rate, applying various taxes in the invoice. With the respective software, your manual efforts are reduced to minimum, due to which the scope of errors is brought down to zero. Considering the example mentioned in above point, manually filing so many returns is not only tedious, but they also call for errors.
- Simplified Invoicing This is another reason because of which GST software is popular amongst business persons. They have to execute a dreary task of checking the tax rate for different items, calculating taxes for each transaction and then prepare an invoice accordingly. With the help of the proposed software, these tasks can be performed automatically.
- Accountant Friendly If the software will make invoicing simple, ease the return filing process, and reduce overall manual work, of course, every accountant will like it. Besides this, online GST accounting software also helps in easy execution of accounting activities such as keeping track of receipts, expenses, amount due to be received, etc. Some GST software also give multi-currency support.
- Easy Tax Compliance GST compliance accounting software help businesses, CA Firms, and others in managing taxation related job efficiently and as per the GST tax provisions. Variety of taxes (SGST, CGST), and the tax rate is levied as per taxation rules. You are notified for e-return filing on the due date to ensure you file the GST return on or before time.
- Time-saving & Cost-effective GST ready software is a time saver for all accounting professionals. It saves you from doing the same thing again and again. For example, you can save templates of invoice and make changes therein. You don’t have to put (feed) the data in return, simply import the data and filing can be done in a single click. The ‘HSN code mapping’ feature saves your time by automatically providing you with good/service description, and you don’t have to write the same.
Online GST Software FAQs
Q. Does the best GST software in India facilitates unlimited return filing?
A. Yes, GST software provides you with n number of return filing, invoicing and complete GST e-way bill options.
Q. Will GST software update me on return filing status.
A. Yes. Respective software will provide you with complete status of GST return(s) filed.
Q. Will I get demo or free trial of the software?
A. Yes, either demo or free trial will be available to prospective clients to find out how proposed software works.
Q. How long does it take to implement GST software?
A. Implementation takes not more than seven days provided you don’t require many customized features.
Q. What kind of support is offered by vendor?
A. You get after sale and technical support by most vendors. Their responsive staff will address your query in no time.
Q. Will my team and I get the required software training?
A. Of course! You and your staff will be provided with software training either in-person or on remote basis. Also, you will be provided with the training manual.
Buyer’s Guide of GST Software / GST Billing Software
With various GST software available in the market, it is wise to buy software that suits the need, size, and nature of your business. Here are certain factors that you should consider before buying the software:
Features of GST Software
This is an important factor to consider while buying GST software. You must ensure that it has all the elements required for your business. Moreover, you should ensure that its features are customizable, i.e. if there is any function that you think is necessary for your business, it could be made part of the software.
This is a unique factor associated with GST ready software. You have to file multiple returns, pay tax and do a lot more, on time. The software must be able to evaluate such events and communicate the same to you so that deadlines are never missed, and you don’t have to bear penalties.
This is one of the features that is universally appreciated in a software. GST software with the user-friendly interface will make it easier for you to execute your tasks. Therefore, invest in a software that works on friendly user interface principle, and has an intuitive dashboard.
Many companies have already incorporated ERP software in their system to manage their business processes smoothly. They use multiple accounting tools for bookkeeping. GST software must integrate with the existing system in the organization seamlessly.
Even an accountant-friendly and easy-to-use software can call for customer support, especially if you are going to use the software for the first time. Make sure, the vendor is ready to support you and your staff all the time.
Needless to say, all the above factors take a backseat if data on the software is not secured. Best GST software in India must protect all your business related sensitive and confidential information. It should not only help with e-filing returns but also ensure complete data protection.
10 Best GST Software Companies For Smal Business In India
GEN GST Software
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Tally GST software