GST is a major taxation reform that has recently been introduced and implemented in India to enhance the economy and eliminate the corruption from the country. However, people who are dealing with the supplies of goods and services are facing a lot of issues with the complex and New GST Calculations.
Even the smaller agencies, companies, enterprises and the businesses have to invest there extra amount to acquire Chartered Accountant services to understand and resolve their tax-related issues. The Indian Government, on the other hand, has taken measures to simplify the GST compliance for the entire population of the country whether they are irrespective of the position they hold.
Government has appointed ASPs and GSPs to design some sort of applications that must have GST software and a calculator to help businesses to simplify various GST-related tasks including the registration, e-filing, returns, and availing the ITC. In this post, we list five important features that any GST software must have. Take a look.
Purchase & Re-order Features
Every GST software or related applications need to have a feature that is able to calculate the accurate cost of all the purchases of products and services you receive from any supplier. It should also be able to calculate the number of re-orders of the same product or services through the supplier. This feature will help you to know the amount of services and products you are delivering directly to the retail business or consumers. You’ll be able to know the accurate figure of your earnings on a monthly or annually basis.
Any GST application that is providing the user various other platforms to simplify their GST-related tasks such as GST software and GST calculator, they must be fully-loaded with the safety and security measures. The sensitive information of the user must be secure and safe while using such applications because the entire business data is stored in it. Also, there should be data recovery option to make the system easier and safer for the user. The applications safety must be authorized-based or access-based to store data in a configurable role.
Uninterrupted GST Billing
The major feature of the GST software is that it gives you an uninterrupted and faster GST billing. There are basically two types of GST billing software online and offline that can be chosen according to the type of business your carry out. Online is a cloud-based software that can help you to know the latest GST rates, HSN and SC codes as per the new modifications. It is capable of updating itself according to the changes made by the government in the regime.
However, the offline GST software is used for basic calculations of the taxation system which is perfect for small businesses. The best part is that both of them doesn’t require any sort of maintenance.
Another major feature of the software used for GST-related tasks is that of the inventory tracking. For instance, if a business deals with different kinds of products that needs to be purchase in the mid of the month, the calculations of the purchases of such products and maintaining the inventory becomes a bit difficult. This is why concerned software is required to simplify and maintain all the details of each product you’ve bought for the sale. You can also calculate your profit and loss based on those inventories.
CRM & Loyalty
The software also helps you to save your enough time rather than indulging in the calculation stuff. It is a great way to focus on different aspects of your business such as you can push your customers to buy products by offering them discounts and delightful offers related to the services or products you sell. This way, you’ll be able to build healthy customer relationships and also you make them your loyal customers.
The Final Word
If you are also willing to get one software for your own, it’s advisable to look for several options and then choose one which you feel is suitable for your work and business. Also keep a check on its safety and security measures in order to safeguard your business information.
It must also contain other features as well that have already been discussed in this blog post so that it makes your GST-related tasks easier and simpler. In addition, before getting the GST software, get registered into the new taxation system to avoid difficulties in your future.