Best GST Software in India

What Is GST Software?

GST software is designed to streamline business and consumers' tax and invoice calculation tasks. It helps businesses comply with the government’s GST regulations. Whether you need to calculate the annual tax or link your business data to the government GST portal online, the best GST software can help you meet all the GST compliances effortlessly.

If you are planning to implement a GST software in your business, you have come to the right place. It is quite natural for beginners to feel a little overwhelmed with all the options available on the market. Different software solutions come packed with different features. You need to pick a system that matches your business standards and caters to all your tax compliance requirements.

List of Features You Should Look for in GST Software

The online GST software can have many applications that can simplify accounting operations. Let’s take a look at the basic features that are included in almost all types of GST software systems.

1.  GST-enabled Invoices:

Businesses that are registered on the GST government portal online are supposed to create invoices based on the GST format. Using this software, you can send your customers a reminder for the due payments. The invoices can also be scheduled and forwarded to the customers automatically. The accounting software team will get regular notifications when the customer checks the invoices and makes the payment.

Now, the GST-ready invoices include the following:

• HSN code
• GST rate that is applied to the particular product or service
• CGST, IGST, and other such taxes are included in the Goods and Service tax
• GSTIN of the merchant and consumer

Adding all these sections manually will consume time and create a high chance of errors when creating and filling these sections. That is when the best GST software for return filing comes in. As the name suggests, it is specifically designed to simplify invoices and tax-related tasks. The software will help you generate GST-enabled invoices automatically. In simple clicks, you can create the sections for HSN code, GST rate, and GSTIN number for each invoice. Besides that, you can fill this section in a matter of seconds.

Now, the GST software comes with the standard invoice template. You can use this standard template or customize the invoice template to your specific requirements. If you follow a specific invoice format for generating invoices for your customers, suppliers, and manufacturers, then you can get a customized invoice system.

The best part is that the cloud-based GST software enables accountants and managers to generate an invoice and send it to the customers on the go. You can use any device to generate a GST-enabled invoice. It makes it a whole lot easier for the accountant to collect payments from customers.

2.  Reports and Analytics:

The current GST regulations make it mandatory for businesses and individuals to file yearly, quarterly, and monthly tax returns. Now, you can’t file these returns in the conventional tax return format. You have to comply with the latest GST laws when filing tax returns.

For instance, the Outward Supplies are to be recorded in the GSTR-1, while each taxpayer has to create a summary in the GSTR 3B. When you have the best GST software free in place, you don’t have to spend time and resources filing the tax returns in the GST-ready format.

You can create monthly and annual reports in this software. You don’t even need to enter the financial data manually in the system. Just import the necessary details from the spreadsheet and other digital records to the GST software and have everything calculated in minutes. Now, filing tax returns and creating summary reports are no longer challenging.

3.  ITC Match Reports:

According to the GST regulations, taxpayers get an opportunity to claim ITC on the goods and service tax that are paid for the inward supplies. It is important to note that this facility is only available for those who file returns on time.

First of all, you need to calculate the total credit amount you could claim for the inward supplies GST. The ITC match report is one of the basic modules of the GST software. It helps you automate the calculation of the Input Tax Credit. Using this report, you can match the goods you have purchased with the invoices that are being sent to the government GST portal by the vendor. If you manage to find a mismatch between the purchase record and the supplier’s invoice uploaded on the portal, then you can apply for a claim.

The ITC match and mismatch report helps you locate the differences between your purchases and the GST invoices the supplier has uploaded on the government portal. Should you find any difference, you can contact the supplier immediately and request a refund.

4. Automatic Tax Calculations:

One of the most important yet challenging tasks for a business is the calculation of goods and service tax on different products and services. With reliable GST software at your disposal, you don’t have to worry about making errors in tax calculation. The software detects the GST rate on each product and service automatically. It also mentions your tax liability according to the current GST regulations. That way you can calculate the accurate tax amount you are liable to pay to the government. This also makes it easier for you to make timely payments.

A high-quality GST software comes packed with a list of multiple GST rates, including but not limited to, the UTGST, CESS, and CGST. All you got to do is fill the standard invoice template and select the GST that’s applicable to the particular good and service. The software will automatically apply the selected GST rate and calculate the total amount for each invoice. You can determine the accurate tax amount that has to be paid on the particular invoice and have it applied to the invoice in simple clicks.

Large corporations and small business owners who had to spend hours calculating the tax amount manually can use the GST to automate these hectic and time-consuming calculations. That is how GST software streamlines the income tax calculation process.

5. HSN Code Research:

The recent GST regulations classify the goods and services based on the HSN codes. Businesses registered on the government GST portal online are supposed to mention the HSN code of the specific item that has been supplied to the recipient. Locating the HSN code for each product can turn out to be a cumbersome process.

You are going to have to look for the codes on different government websites and enter them in each invoice template manually. The GST software simplifies this process by allowing you to get the HSN code for just about any product or service and select the relevant code for the invoice.

This is especially helpful for SMEs and large-scale companies that create hundreds of invoices every month.

Top Benefits of Using GST Software in India

1. Enhanced Accuracy

GST software India significantly reduces human errors in tax calculations by automating the computation process. Since GST rates and rules can vary and are subject to updates, relying on software helps ensure that every calculation adheres to the latest standards, thus minimizing compliance risks.

2. Time Savings

Manual tax processing is time-consuming and prone to delays. GST software automates most of the tasks related to GST softawre in India, such as calculating taxes, generating invoices, and preparing returns. This automation allows businesses to focus more on core activities rather than administrative tasks.

3. Improved Compliance

GST regulations are complex and frequently updated. GST software stays current with all regulatory changes and automatically integrates these updates into the processing system. This continuous compliance helps businesses avoid penalties associated with non-compliance and ensures that all filings are accurate and submitted on time.

4. Consolidation of Financial Data

GST software integrates with other financial systems like ERP and accounting software, providing a centralized platform for all financial data. This integration helps in maintaining consistent and error-free records, crucial for accurate GST filing and financial planning.

5. Access to Real-Time Data

With real-time data processing capabilities, GST software provides instant access to financial figures and tax liabilities. This immediate availability of data is crucial for making informed business decisions and for strategic financial planning.

6. Scalability

As organizations expand, their financial data becomes more complex. GST software is designed to scale with your business, supporting an increase in transaction volume without compromising performance or efficiency. This scalability ensures that the software remains useful as your business expands.

7. Enhanced Security

Security is critical when handling financial data. GST software provides robust security features to protect sensitive information against unauthorized access and data breaches. Data encryption, secure access controls, and regular backups are standard features that safeguard business data.

8. Comprehensive Reporting

Best GST software India comes equipped with reporting features that allow businesses to generate detailed financial reports. These reports can include tax returns, year-end financial statements, and other compliance documents required by GST authorities. Comprehensive reporting aids in better financial oversight and smoother audits.

9. Cost-Effectiveness

Investing in GST software can be cost-effective in the long run. It reduces the need for an extensive in-house finance team to manage taxes manually and decreases the risks of costly errors. Additionally, the time saved translates into cost savings, as staff can concentrate on higher-value activities.

10. User-Friendly Interface

Modern GST software is designed with user experience in mind, offering intuitive interfaces that make it easy for new users to navigate and utilize the software effectively without extensive training.

These benefits make GST software an essential tool for businesses looking to streamline their GST compliance and financial operations efficiently. These advantages not only simplify tax handling but also enhance overall business management.

Who Uses the GST Software?

The GST software is used by chartered accountants, managers, and other members of the company. It is mainly used by your accountants as they are responsible for filing your tax returns and generating invoices.

However, suppose you have integrated the system with the inventory management software and other software systems. In that case, your employees and business associates will need to access the best GST software.

The main uses of the GST software include filing the tax return in the GST-ready format, generating invoices, and generating reports and analytics. Besides that, the GST software can support accounting and financial modules.

If that’s the case, chartered accountants will be able to create financial statements in the goods and service tax system. Not only will it help you speed up the accounting processes, but it also allows managers to store the information in a single centralized system. This makes it a whole lot easier for your team to access anything they want in one place.

The GST software you purchase must have a simple user interface so that it can be accessed and operated by employees and other team members.

Why Do You Need the GST Software for Your Business?

The idea of launching GST has proven to be a great solution to the hectic and complex indirect tax framework. However, businesses are still struggling to implement goods and services tax and embrace this new taxation system.

For the successful implementation of the GST system, the software developers have started to offer reliable and effective goods and service tax management solutions that automate a broad range of GST-related tasks.

Not only does it help implement this new taxation framework in your company, but it makes it easier for your accountants and employees to get familiar with GST software. Let’s take a look at the reasons why every business should consider implementing the GST software:

• Streamline Data Filing and Management:

The basic accounting software will no longer work for SMEs and large corporations, especially after the introduction of the goods and service tax system. It can barely help you calculate the annual taxes. You are going to need the GST software that’s designed to comply with all the latest tax regulations.

Managers and accountants are supposed to sync the account data with the government GST software portal online. In other words, you have to merge your business data into the online GST software portal. Filing this information can turn out to be a time-consuming and tedious job.

But, no need to worry now! The goods and service tax software is designed to streamline the data filing operations. Whether you need to register your business on the government GST portal or migrate your business data to these sites, all you need is a reliable and high-quality GST software.

• Prepare Invoices:

If you are running a business for a while now, you must know that each category of consumer products and services has a different percentage of tax and HSN codes. This structure has made invoicing quite complicated for businesses that sell consumer products and services. Billing software to maintain your Accounts receivables and Account Payables.

Earlier, businesses used the normal accounting and invoicing software for invoicing. However, that no longer works. For accurate calculation of the tax, you need to implement a solution that is made keeping in mind the latest tax compliance. In other words, you need the software that helps you prepare invoices based on the GST regulations. That’s exactly what the GST software does for your company. It streamlines the invoicing system by calculating taxes based on the products’ unique HSN codes and GST percentage.

So, in order to calculate the invoice properly and add an accurate amount, you need to use the automated GST software.

• Prevent Manual Errors:

If you have been planning to install the accounting software, we would recommend you choose the GST software instead. It comes packed with features that will help you automate your billing and invoicing based on the current GST compliance. Most importantly, it prevents manual errors, which are not uncommon in manual accounting. Even minor miscalculations and some common errors can cost thousands of dollars to your business.

Now, as mentioned above, errors in the GST calculations are very common. The complex nature of this taxation framework makes it extremely difficult for businesses and accountants to compute goods and service tax for different products manually. Even if you use spreadsheets and some calculation tools, you will not get the best results.

This is because each product and service has a different GST percentage. First of all, you are supposed to find out the HSN code of the product and the tax percentage applied to it. Next, you will have to classify the goods and services you sell according to the GST software.

This gets quite challenging even for a professional accountant to calculate GST for different products. They end up making errors in the calculations, which can cost your business thousands of bucks in the long run. That being said, it makes sense to invest in the GST software and avoid these costly errors.

• Saves Time and Money:

It goes without saying that any automated system that streamlines accounting or management operations saves time and cost. GST software is no different. This automated software calculates the tax for each invoice separately. It also stores the invoices for reports and analytics.

With the GST software in place, you can automate tax filing, registration, invoicing, billing, inventory, and almost all the accounting-related tasks effortlessly. Contrary to what people believe, GST software is not confined to tax calculation.

In fact, it helps you with everything that’s related to management and accounting. Whether you want to file returns or generate automated GST-enabled invoices, the accounting software can handle it all. Now, the time that you would otherwise spend creating the invoice and calculating, can be used for other pertinent activities.

It saves you thousands of bucks in the long run. Think about it – with a GST system implemented in your business, you don’t have to pay a monthly salary to the accountant. It is especially useful for businesses that need a large workforce for taxation and accounting jobs.

• Ensures Data Security:

Accounting, tax, and invoices are all considered confidential information that must be stored in a secure system. You will not want outsiders and even your business staff to access your financial accounts. The spreadsheets, Excel and paper-based records do not guarantee security. Not only are they extremely inconvenient, but the physical document is not the safest way to store and organize your database.

Financial data is the priority of a company. Of course, you would like to keep it as safe and organized as possible. The GST software ensures that your financial database is safe and inaccessible to outsiders.

Only your accounting and financial team that have permission to use the system can access the GST software using the login credential. Some software solutions have two-factor authentication as well as data encryption technology that restricts third-party access. With your financial and confidential data stored in the GST software, you can rest assured that it will be safe.

• Flexible:

GST's new software offers flexible operations. First of all, you can use this system anytime and anywhere you want. The top GST software enables businesses and employees to access the system on their smartphones, laptops, and tablets from the comfort of their homes or while traveling. Secondly, the GST software is customizable or flexible. You can customize this software and make it fit your business standards.

GST Software Technology Trends

There is no denying that the tax and accounting industries are quite slow when it comes to taking advantage of the latest technology. Many companies are hesitant to adapt to new technology trends. That’s one of the reasons they are left behind. Free software for the GST invoice is the latest addition to the accounting and tax industry.

However, some trends are expected to emerge in this industry in the coming years. Let’s take a look at the top trends that can dominate the GST market in the future.

1. Cloud-Based Solutions

Companies no more feel reluctant to adapt to cloud-based solutions. Even small-scale organizations have started to realize the importance of a secure system for storing the financial and accounting database. get insights and tips on how to choose your ideal Small Business GST software for your business.

Instead of storing the financial information on PC and spreadsheets, they choose cloud-storage technology to house the sensitive database. They store this information on remote servers so that they can access it anytime and anywhere they want.

The top GST software India is designed for professional accountants who need to store a large volume of financial and taxation data in a centralized system. Cloud technology offers multiple benefits to companies. It works as a backup for your data, improves security, saves a considerable amount of money on hard disks and other storage options, and facilitates remote work opportunities.

2. Embrace Automation

The main reason why taxpayers choose the best GST software over traditional accounting methods is automation. The software streamlines a excess of accounting operations, enabling users to execute a range of tasks seamlessly.

With the GST software India installed in your firm, you can automate invoicing, filing tax returns, compiling reports, using analytics, and importing data.

With the top GST software in India handling all the manual accounting tasks, you can save your accountants a significant amount of time. They can use this free time to plan future marketing goals and other productive activities.

3. Artificial Intelligence

AI has been the talk of the town over the past few years. Artificial Intelligence enables users to get insights into tax returns, HSN codes, and other GST regulations. In addition to tax filing and automation, the best GST software can help you gather information about your business's financial position. You can even track the previous tax records using the best GST software for professional.

Types of Buyers and Which Software Can Best Fit Their Needs

All kinds of companies need the best software for GST return filing – be it a startup or large-scale company. Now, this software is available in different types. For small-scale and medium-sized businesses, the standard GST software that comes packed with the basic features will do. The vendor offers multiple plans for the GST software. This may include the basic to the enterprise-level solution.

For large-scale organizations, Enterprise level software is needed. You could also find a free GST software for startup. However, that will hardly help you migrate your business data to the government GST portal. Make sure you select a plan depending on the size of your business and your requirements. For example, the basic or intro plan is the best option for small-scale companies that have limited accounting operations.

If you run a medium-sized company, consider investing in a premium plan. As mentioned above, an enterprise-level solution is recommended for large-scale organizations. This option comes with several options that simplify all your accounting and tax-related operations. However, you don’t have to shell thousands of dollars out on the add-ons and special features that you will probably never use.

Your best bet is to discuss the terms and modules of the GST software with the vendor. They will explain to you the applications of the module and other features. You only need to pay for the modules that you are going to need.

How to Choose the Ideal GST Software for Your Business?

Indians took a year and more to learn the concept of GST and apply it in their firm. Adapting to this new taxation framework was not that easy. Managing accounts, filing tax returns, and generating GST-enabled invoices seemed quite challenging in the beginning. Even today, many startups and small-sized businesses have not been able to embrace this new taxation system.

Just registering your business on the GST government portal online is not enough. You are going to need to adjust your taxation system and the invoicing software to the current GST compliance. We have mentioned the reasons why all sizes and types of businesses need reliable and secure GST software. The question is “How do you select the best GST software”?

Ever since the government introduced this new taxation system, developers launched many innovative and best GST software for return filing. These systems streamlined a plethora of hectic accounting management activities seamlessly.

The best GST software for your business is the one that is capable of managing all sorts of GST operations efficiently. From filing tax returns every year to generating GST-enabled invoices for different clients and suppliers, a premium GST system can handle it all. Here, we are going to discuss some important factors you need to take into account when looking for the best GST invoice software for your business.

1. Security

The prime concern of every company is the security of their financial and confidential data. Whether it is your financial statements or tax reports, the financial database needs to be stored in a secure system. With GST software in place, security is not going to be your concern. All your financial and tax-related data will be stored on the GST network.

Before you make a purchase, check the security features and GST software price list. Discuss all the security tools the vendor has integrated into the GST solution. You don’t want your company accounts and financial reports to be accessed by unauthorized users.

Besides that, the high-quality GST software comes packed with many security features, such as two-factor authentication, data encryption, and more. You must choose a system that enables you to download the bank information, migrate your financial details to the GST government portal, and store the financial data securely.

2. Customizable

Technology trends keep changing every now and then. Take accounting software, for example. With the introduction of the new taxation system, the standard accounting and tax modules are no longer useful.

You can create basic accounts and financial reports, but you won’t be able to use outdated software for calculating GST. When shopping for GST software, look for a flexible system. You will want to customize the solution in the future if the accounting trends change.

A flexible GST software not only supports third-party integration but can be customized to fit your business standards and accounting practices. You can add new modules, remove the existing ones, upgrade features, change the interface & design, and introduce other such changes to a flexible and customizable GST solution. For example, Marg GST Software provides key advantages such as customization, and reports  which makes it a complete tax compliance software.

3. Cloud-based System

Convenience is another important factor the taxpayer must consider when shopping for GST software. Gone are the days when companies would install on-premises ERP solutions. Today, most of them invest in cloud-based systems that can be accessed from any device. The data you have filled in the cloud-based best GST software will automatically be synced with your email.

Now, you can access this software on just about any device using the login credentials. You don’t have to create a backup for this data on a hard drive. Moreover, you don’t need to store the important financial details in paper-based documents or spreadsheets.

As long as you choose the best GST software, rest assured that your financial data can be accessed from mobiles, laptops, and any device (even if your main system breaks down).

4. Customer Support

Best free GST software is not as simple as accounting or inventory management. You will probably need to talk to the customer support department to operate the system without a hassle.

It is hard to understand the basic modules of the system, let alone fix the technical bugs. That’s why you should buy the GST software from a vendor who is willing to offer 24/7 customer support assistance.

Basically, software developing companies have a customer support department that involves IT professionals. They are capable of finding a technical problem or a basic issue. They can fix it in no time. So, make sure you buy a system from a company that offers a reliable support service.

5. Simple User-interface

You buy the GST software to make your life easier. As long as you have a perfect and easy-to-use GST solution at your disposal, you can use it for all kinds of accounting and reporting requirements. However, the software that features a complex user interface is probably going to be hard to understand and operate.

Remember that you are not the only one to run the GST system. The accountants and employees will also need to access the system for reporting, analytics, filing tax returns, creating GST and financial statements, and other such requirements. A reliable GST solution is one that is easy to operate and navigate.

6. Easy Integration

Another important feature to consider in the GST software is its compatibility with other software applications. The government introduced the goods and service tax not long ago. There is a good chance many companies have other ERP systems implemented in their firm.

If that’s the case, you need a GST software solutions that can be integrated with the other ERP software in your firm. In other words, you should look for a software application that can be synced with third-party software applications easily.

By integrating the third-party apps with your GST billing software, you can manage a large volume of business data in a single, centralized system.  For example, you can handle inventory management, accounting, GST tax compliance, and employee payroll from a single system. All you need is a reliable GST software that is compatible with third-party software systems.

7. Budget

The GST software price list comes with a license. Now, the license and the monthly subscription for the GST billing software applications depend mainly on the type of solution you want.

As mentioned before, the GST software's company needs can vary depending on the business requirements and accounting practice it follows. Fret not! The GST return software price won’t drill a hole in your pocket. However, it can cost you extra bucks if you choose multiple modules or the latest version.

For instance, the desktop version of this software is super convenient but extremely expensive. It is not recommended for small businesses that have limited operations. Don’t let GST software price be the only factor determining the reliability of the GST software.

Some vendors are open to negotiations, while others charge a fixed rate. Either way, try to get a quote from different vendors and choose a softare that matches your budget and accounting practices.

GST Software Resources

• Common Invoicing Mistakes

• Small Business Accounting Mistakes

• Top 6 Reasons Your Business Needs GST Solution