Is Your GST Compliance Tool Proficient Enough?


The current destination based tax regime was implemented in India on the 1st of July 2017. In fact, it has been half a year of GST rollout. Undeniably, this abrupt change in the taxation policy of the country has been a reason for many positive changes. However, no Indian resident or citizen can forget the time when two unforeseen and revolutionary changes were made to the financial system of India- Demonetization, and GST.

Employing both of them one after the other, respectively, left everyone, from the conglomerates to the commoners, perplexed. Moreover, the GST rules and regulations were so new and inadaptable for big and small business owners that finding a robust GST compliance tool became their need of the hour. Therefore, in order to find the right GST compliance software, they began their hunt for the right software that can relieve them from this added laborious task. In actuality, by now most of the companies already have some or the other GST software for abiding by this reform. But have you ever thought how reliant, complying, trustable and efficient the GST compliance software you are using is?

Is Your GST Compliance Tool Proficient Enough?

Take a look at this blog as we list six parameters to evaluate the GST software you use.

Settlement of invoices:

The biggest problem faced by business owners is creating immaculate invoices after GST rollout. The tax rate on various products and services has changed. Hence, creating invoices according to the changes manually is challenging. Moreover, every business whether supplying services or goods make many invoices daily. Not having a software that is updated according to the GST rules makes it difficult for any business to survive in this highly competitive world. Thus, it is necessary for your GST tool to have the option of invoice creation.

Preparation of returns:

Every business needs to file returns quarterly or monthly. That is why many GST tool providers facilitate their clients with GSTR forms. They make it easy for every kind of business to fill the forms for filing returns easy and quick. Hence, you must see if your software has the GSTR form required by your business line. If the software you use will have this sort of tool, you will be able to file returns timely and accurately. Additionally, you will also have more time with yourself to focus on core business processes and expansion plans.

E-filing of all sorts of returns:

Though many IT companies are providing tools for filling GSTR forms, not everyone is providing all the GSTR forms required. Under the indirect taxation policy, there are various return filing forms. Every business is ought to fill the form according to the kind of transactions made by their business. There are different forms of inward supplies, outward supplies, annual returns, non-resident foreign taxable person and many other. You should make sure you have a software which has the tool for filling every GSTR form. Such tools also help you in tracking the payment.

E-payment of taxes as per apt rates:

Besides claiming the returns, you also need to pay the taxes you are liable to pay according to the GST norms. Paying them timely might be difficult for you as business owners often get entangled in various business-related activities.  Hence, the GST software you use should definitely have the option for electronic payment of taxes. This way you will be able to pay taxes online, thereby, saving your traveling time to the government office for paying the same. Moreover, you will also adhere to the rules by using efficient GST compliance tool.

Quick content updates:

Ever since GST has been put in practice, it has passed through a series of amendments. The taxation policy is in its initial stages still, it is quintessential to have a software which stays updated according to the changes made by the government.

Summing Up

It is pertinent to have the aforementioned features in the GST Compliance tool you use. If in case the software fulfills all these requirements, you don’t need to strain your mind. Stay assured of the services you are using. However, if the GST compliance software you are using currently misses any of the features mentioned in this blog, it’s time for you to change it. There are many governmental and non-governmental bodies offering specific GST compliance tool for a particular GST proceeding. You just need to assiduously analyse the tools provided by different portals. After deciding the software you want to use for seamless GST integration, you will free yourself from this burdensome and tedious task of GST filing, return, payment, registration and similar. One of the few reliable software is GST Keeper. So, begin your search for a GST software that fits your requirements perfectly today.

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