GST was implemented by the Government of India on July 1, 2017 and aimed to consolidate the overtly complex and tedious indirect tax system into a single one. The Goods and Services Tax constitutes of 3 forms of taxing, State GST (SGST), Central GST (CGST), and Integrated GST (IGST). Although it has simplified the tax system, there remains a hefty amount of work which the businesses need to perform to promptly and properly file GST returns.
Statistics and facts about GST
- 17 indirect taxes – was subsumed by GST.
- 1.23 Crore – registered GST taxpayer across India.
- 660 Crore – invoices uploaded since GST’s implementation.
- Rs. 32.86 Crore – total return filed under GST.
GST software in India provides respite to the tedious task of filing returns and keeps an individual’s hands-free to focus on their business/service. A software offers a host of services to help you through the process; however, there are a few common grounds to be met which will improve your experience and make the task easier.
Features of GST software
Listed here are a few common features which should be present in the GST software a CA opts for, for seamless filing and invoicing –
- Security: One of the worst threats a CA firm faces is a breach of security. It jeopardises their credibility to clients, makes them vulnerable to fraud and loss of data, and threatens their overall existence. As GST software will host almost every data related to the respective business transaction, it is important to choose a software which offers state-of-the-art security to keep at bay all the latest developments of viruses and malware. It is one of the ways a chartered accountant can protect his business against cyber-security threats and develop a sustainable environment.
- Platform integration: After the implementation of invoice matching, every business node needs to file GST returns simultaneously with making a purchase/sale. It improves the compliance rate of any business. Therefore, it is important to ensure that the software you choose is integrated across multiple platforms such as personal computers, mobile phones, etc. so that you make ready GST returns.
- User interface: Ensure that whichever GST software in India you opt for has a friendly user interface. It improves your experience and makes the filing easier. It is also important to avail a software which requires the lowest possible clicks to get work done. It ascertains that things get done quickly.
In any case, a business has to file almost 25 GST returns in a single year within a single state. If a business operates across states, then returns are multiplied by the number of states. Also, running a CA firm requires considerable effort, and with an easy user interface you have the leeway to work on your business.
Employing modern technologies always gives you sustainable competitiveness in the market and helps you expand your CA firm and grow more profitable.
In case you are looking into CA articleship, it is also important to know about the latest software you would be working with. It would help your footing with your superiors and put you at an advantage over your contemporaries.
Some of the best GST Software
Here are the top GST software for CAs should invest in:
- Tally ERP 9: It is one of the most trusted and used GST software in the entire country. It has excellent compliant features to help businesses improve their compliance score. This GST software India works offline, which makes it easier for you to operate even in network-deficit areas. Its Silver version costs approximately Rs. 21000 and its Gold version costs almost Rs. 64000.
- Zoho Books: It is one of the software which prepares an invoice and lets you send the same. It also reconciles bank statements, tracks inventory, and generates reports. It also offers a 14-day trial period before purchasing it. It costs approximately Rs. 2499. If you are doing your Articleship, it might help to use this to develop qualities of an accountant.
- ClearTax: It offers a cloud-based facility which makes it stand out in the lot. It ensures data storage and prevents loss of data. ClearTax also helps in creating GST invoices in proper GST invoice format. Its current price is approximately Rs. 10,000.
- MARG GST: The Chartered Accountant practice opportunities with this software are ample as it offers an extremely simple and user-friendly interface. It allows you to convert your bills into any necessary format and send the same via email. It costs approximately Rs. 7200 and can be operated by 2 users.
If you plan to start a firm of your own, you might consider availing a CA loan for the purpose. It would relieve you of the financial stress and help employee the finest of software and human resources required for the prosperity of your business.
NBFCs like Bajaj Finserv also provide pre-approved offers for CAs, which makes availing loan simple and quicker. They provide an array of loans such as business loans, home loans, personal loans, etc. You can check your pre-approved loan offer by entering your name and phone number.
Purchasing a GST software India tailor-made to your needs would help in catalysing your firm’s growth and keep you in compliance with the existing tax regime, which will reflect well on your firm.