GST: A new way to file your tax

GST has now come into effect, and the government has made it mandatory for every business and service provider to follow the GST as far as the tax return filing is concerned. Indian economy is following the concept of One Nation One Tax. GST is expected to have a mixed impact on the prices of goods and services. Many people are still unaware of what GST is and how the tax is calculated under the new GST regime. Regarding these several kinds of apps and software have been launched online by the government and private companies to help deal with the GST issues. The market has got some of the softwares which are GST compliant.

Features required in selecting a GST software

  • Security must be tight as it is one of the key features in any kind of Your data will be protected when secured.
  • The GST software must be accessible on multi-platforms like tablets, mobile phones, and desktop at any point of
  • The GST software must be flexible.
  • User-interface and reporting enable quick decision making and transparent operations.

Who can file GST Returns?

Under the GST regime, any regular business has to file three monthly returns and one annual returns which brings to a total of 37 returns in a year. If GST is not filed on time, you have to pay interest and a late fee. GST return is required to be filed in different forms. It depends on the nature of transaction and registration. To file a GST return in India, GST compliant sales and invoices are required.

GST accounting software

  1. GST enabled Accounting Software – This software helps with accounting and filing.
  2. GST Filing Software – This software helps only with invoicing, reconciliation and filing.

Impact of GST

The consumer now would have to pay more tax for most of the goods and services they consume. The government has also considered the requirements of the people and kept some items in low tax slabs. Inflation would be reduced as cascading effect of taxes would be abolished. The industry leaders from all the sectors believe that the country would reach a great height in the ease of doing business with the implementation of most important tax reform ever in the history of the country. The positive impact has been seen in the ease of filing returns and maintaining accounts, thanks in large to GST accounting software India.

For the companies in the IT sector, it becomes a huge cost when the server is to be maintained by them. They have to pay for the hardware, repair, and maintenance. The IT companies can adjust the tax paid on the hardware against the tax paid on service and repair of small parts. The system must be there that can help the needs of the businesses as per the regulatory restrictions. It should also provide the capacity for tax migration and VAT, excise, and so on. Although the GST rate for services tax has risen up to 18%, IT sector will still be benefited from GST due to an immense boost in the sale of the software.

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