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Best GST Software in 2020

Finding the best GST Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

What is GST Software?

GST software is a tool that enables organizations to manage GST compliance and ensures that businesses adhere to mandatory regulations.

GST Software Guide

Table of Contents

What is GST Software?

GST software help organizations simplify the hassles of GST billing, filing returns, and generating GST invoices. Utilizing effective GST software can aid businesses in managing their finances, accounts, inventory, purchase, sales, payroll, taxation, and other processes efficiently.

Key Features of the GST Accounting Software

Key Features of the GST Accounting Software

Seeing the importance of the GST software India, many business organizations and traders have already adopted the implementation of the GST solution for the smooth tax-paying experience. In addition to the ease of paying the GST, the business organizations are also benefited from its important features. Here are some of them:

1. Invoice Generation as per the GST Standards:

The business organizations can prepare a proper invoice for their taxation and other financial records that abide by the GST standards. This feature by the GST software helps businesses in proper regulation of their income and expenses.

2. E-Filing for the Returns and Return Reconciliation:

Now the business owners do not have the need to rush to the concerned official building to file their tax returns. With the help of the GST billing software, it can all be achieved with a one-step e-filing of the returns and return reconciliation.

3. E-Payment Facility:

To top it all, the GST accounting software also offers the ease of paying the tax returns with much ease through the e-payment facility. It is a hassle-free process to make the payment online in a secure manner.

4. Tax Computation and Validation:

All the computations are done on the computer system and therefore, are completely validated.

5. Client Management:

The GST software also offers the ease of effective client management for business organizations.

6. Data Import:

The data that is relevant to the organization’s purposes can be easily imported with the help of the specialized GST billing software.

7. ITC Match/Mismatch Report Generation:

In case there is any trouble or mismatch in the ITC filing, then the GST accounting software creates the proper report of the same.

8. Credit Management:

The GST software can help in the minimization of debt and in improving the overall cash flow in the business by the allocation of varying credit limits to the different parties.

9. Budget and Controls:

Business organizations can utilize the funds in an efficient manner and can control the overall expenditure.

Additional Features:

GST filing software comes with multiple unique features like updates news about GST and reforms including leading articles. In addition to Hindi and English versions, the GST software is also available in multiple regional languages to provide a common interface for organizations and businessmen of all the regions.

How to Choose the Best GST Software in India?

With a large number of GST solutions available in the market, one should select the software based on the needs and size of the business. There are a number of factors to be taken into consideration before fixing on a GST solution for your organization. They are:

1. Online and Offline Mode:

Based on the requirement of the business, the owner has to decide whether to opt for an online or offline GST software. A GST filing software stores all your data safely and securely on the cloud and enables ease of access. Online GST software gets automatic updates according to the changes and specifications made by the government. It provides information backup and security. An offline software does not have continuous updates and compromises on security when compared to an online one.

2. Security: 

When buying GST billing software, its security features must be thoroughly examined and should make sure that the data is going to be in safe hands. In offline versions, one should keep in mind whether the software is equipped with proper features to prevent hacking and virus attacks.

3. Features: 

This is one of the most important steps to be considered when getting GST solutions for your business. Organizations need to check whether the income tax software fulfills your business requirements. It should enable easy user registration, simplify the understanding of the entire GST process and it’s handling to accurately calculate your taxes, and generate invoices in the format of your choice.

The GST billing system should be able to track various business processes, business expenditures and returns, divide them into appropriate categories, and manage accounts. It should enable users to manage business inventory, movement of both incoming and outgoing goods, track and manage suppliers/customers and should also be able to manage salary payment of employees. The software must also have provisions for transactions and calculations in different currencies. 

4. Integration: 

The integration of the product with the current enterprise resource planning and accounting systems should be a smooth and easy one. It should also be able to integrate data from multiple sources.

5. Scalability: 

There are different types of GST billing software out there in the market but you should not get carried away by all the fancy features offered that come with it. You must be well aware of your business size, demands, and requirements before choosing one. A software might look like it fulfills all the business demands but there are times when it does not and when your business starts to grow, there are chances that the software will find it difficult to manage the increasing data and fail in calculation and account management. Therefore, it is essential to make thorough research before deciding on software.

6. Complexity: 

The GST system software should not be overtly comples. It will make the process of filing returns and calculations a dreaded task. Asking for a demo of the software is always a good idea. You can check its user interface, usability, and an easy understanding of the application before buying one. User-Friendly software will help you to save the extra money you might have to spend on hiring a chartered accountant.

7. Software Customization: 

Good software must be easily customizable and accommodate your business needs rather than you having to adjust as per the software. The GST solutions should be able to fit the needs of the business in case it grows. It should not take a lot of time for initiation and waste your time on its working.

8. Customer Support: 

Since the GST and whole taxation system is still new and in its implementation phase, not many people will be fully aware of some terms associated with it. So, it is necessary that the GST accounting software must have a strong customer support unit that will be able to support the smooth usage of the software.

9. A Complete Solution: 

The software bought by you should be a complete package of accounting and taxation solution as using different software for different things causes a lot of integration problems and confusion. It reduces the efficient running of a business and is cumbersome. A GST system software with a complete solution will improve money management and your business workflow drastically.

10. Cost: 

Cost is one of the most important factors for consideration when buying GST software. It is a common notion that more expensive software operates better which is completely wrong. The software must be decided based on your business needs and size. A small business will not need expensive software. The price spent on the software should suit the business and should be worth it.

Importance of the GST Software for Our Business

The GST billing software or GST filing software is highly user-friendly and can be easily used by the traders for utilizing the benefits of the tax-paying system. The different activities that can be managed by the effective GST software include:

1. Billing

2. Purchase transactions

3. Document printing

4. Discounts and schemes

5. Taxation reports or registers

6. Completely user-friendly invoicing

7. Utility management

8. MIS reports

9. Inventory management

10. Extensive financial accounting

The GST software India would play a vital role in regulating the various forms of indirect tax flow throughout the country. With the help of the efficient GST accounting software, the companies and businesses would be able to act responsibly by paying timely and legit taxes to the government.

The GST software serves as the prime factor to bring closer the business class and the government of the country closer. Moreover, business organizations can also increase their profit margins by analyzing the proper income and expense along with tax filings with much ease. The tasks like accounting, financial management, tax filing, invoicing, inventory management and so more can be easily carried with the effective GST billing software.

Essential Characteristics of a Good GST Software

Essential Characteristics of a Good GST Software

1. Security:

As one might have to deal with huge amounts of money, the software needs to ensure secure transactions. Secure GST software would protect the confidential information related to any business, avoiding any kind of compromise that might pose a threat to the business information. Therefore, the GST offers robustness not only in filing returns but also in ensuring overall data security to the business organizations.

2. Multi-Platform Adaptability:

To keep up with the various compliance requirements, the GST software has been enabled to function well on multiple platforms. It is easily accessible from PCs, laptops, and even smartphones through the app. This tends to increase the ease as well as the speed of return filing through the online medium.

3. Flexibility:

Several businesses are using the ERP system and various accounting tools to manage tax filings. Therefore, your GST software should be flexible enough to integrate well with the existing system and offer a seamless experience to the users.

4. Cognizance:

Under the new GST regime, a normal taxpayer who is registered in one state will have to file as many as 37 returns during a financial period. The software is able to evaluate the possible events that might be coming in the way of the traders. This will ensure that no deadline is missed in the process and that the business remains up and running.

5. Friendly User Interface and Reporting:

The software should offer a simple user interface, the informative dashboard including various MIS reports for quick decision-making and transparency in operations. The availability of real-time information might help the business owners in avoiding over/under stocking of goods. This might save a lot of capital if operates on a minimum user interface principle.

Different Types of GST Software in India for Different Buyers

GST Software for Different Buyers

A) Small Business Owners:

Small business owners do not typically need big GST filing software with extra features. They would require a GST solution that does its work to the point, without beating around the bush.

1. Sleek Bill is a GST billing software specifically catering to the needs of small businesses. It has a fast mechanism and offers many features like stocks, tax management, and multiple invoice generation. The other features are:

1. Online Integration with banks

2. Inventory management

3. Free software to design invoices

4. Handles payments and accounts

2. ProfitBooks is a GST accounting software for small businesses which allows the creation of invoices, manage expenses and inventory without the need for any specialization and accounting background. Key features are:

1. Strong multi-layered security

2. Email and SMS notification

3. Management of customers and suppliers

4. Backing up of data

3. Reach Accountant is an advanced business automation software that stores all the information in the cloud. Not only does it help in billing and tax calculation but it also provides good customer services. It has an excellent workflow, tracks employees, and gives real-time updates. It has an easy implementation process and can be operated from desktop, laptop, and mobiles thus, making it easy for users to work from anywhere. Some of its key features are:

1. Automation of business

2. Bank synchronization

3. Creating invoices

4. Accounting

5. Email management

B) Medium Business Owners: 

1. Zoho Books is one of the best GST billing software in the market. It is tailor-made for medium-sized businesses and provides simple and cost-effective accounting and GST solutions and features like:

1. Barcode integration

2. Multi-currency compatibility

3. Email integration

4. Billing, invoicing and expense tracking

2. QuickBooks is another GST accounting software that has efficient navigation, automation, and high security which makes it apt for medium-sized businesses. Some of its important features are:

1. Accounting on cloud

2. Desktop and mobile application

3. Report generation

4. Allows multiple users

5. Free customer support

3. Tally GST software is one such software that provides GST solutions for enterprises. Its simplicity, accuracy, and user-friendliness have made it one of the best in business. Its key features are:

1. Advance payment handling

2. Error-free GST returns computation

3. GSTR-1 and GSTR-3B form support

4. Outstanding reports for traders

C) Large Business Owners:

1. EasemyGST is a cloud-based GST billing software for enterprises. It has a complete tax management feature that helps in generating GST invoices and file GST returns. This GST filing software enables efficient accounting and tax management along with below features:

1. Data security

2. CA to help GST compliance and tax filing

3. Multiple GSTINs management

2. Clear tax is a GST accounting software that automates billing and accounting. It caters to all types of organizations ranging from small, medium, and large. It also helps in the generation of an e-way bill. Some of its unique features are:

1. Easy ERP integration

2. Dedicated support and accounts manager

3. Automatic data import

4. Online and offline mode

5. No manual data entry

6. Imports from Tally and Busy

What Are the Benefits of GST Software?

Benefits of GST Software

The GST software India has been a book for business owners and service providers who would not know how to handle the new taxation process without the billing software. Listed below are its advantages:

1. Efficient Tax Filing with Great Ease:

Accounting, finance management, different types of tax calculations, filing tax returns, and billing can be a daunting task. Proper and accurate tax filing is imperative for a business to avoid any unwarranted problems in the future. A user-friendly GST software makes tax filing feel like a walk in the park and aids in an accurate and fast filing of taxes and returns.

2. Management of Accounting Activities:

It enables both cash and cashless accounting. It allows easy printing of professional invoices that are to be sent to the customer. It helps to keep track of receipts, expenses, paid and unpaid invoices to generate estimates. It defines GST rates according to the products and helps with sales orders, debits, and credits. Some software also offers multi-currency support.

3. Management of Inventory:

GST software allows the management of business inventory. It helps to keep track of the inventory, send invoices, place orders for products depending on its requirements. It allows the entry of stock issues and wastage as well. Some software even has a barcode scanner that helps in easy management of the inventory. It also helps in generating various reports like Sales inventory report, Service report, Items in inventory report, and the Movement of products report.

4. Management of Taxation:

With all the tax rates being predefined, one just has to put down the products and select appropriate tax rates and the software will help in calculating all the taxes such as CGST, SGST, and IGST.  It is also designed in such a way that adds any other extra rates and penalties, thus making the tax management easier.

5. Management of Payroll Activities:

The payroll is a system that is very crucial to a business and to maintain a good employer-employee relationship. A delay in salary payments and other financial settlements will make them question the financial condition of the company. Therefore, payroll management is imperative. Paying the employees on time lowers the effective tax bill. The new GST system software has made the payroll process a little cumbersome. However, GST software has made it easier for business owners. The software helps in generating automatic payrolls with all the taxes and other things added automatically and helps in creating fast and accurate invoices. 

6. Remote Management In Real-time:

It is used in a number of industries like Retail, Restaurant, Automobile, Apparel, etc. So the software must be customized to suit the needs and rate of the respective industry. The GST software helps a distributor to categorize their sales into retail and distribution for sales & increase retail profits margins, invoices can be made in chronological order for better management, updates inventory books on order arrivals to avoid raising of negative stocks bills. With real-time reports to track business operations, one can manage the entire workflow from any device anywhere using the GST software.

E-Way Bill in GST: All You Need To Know

A) What Is Meant by the E-Way Bill?

Eway bill is the acronym for electronic waybills and is generated for the smooth movement of goods through the Eway bill portal. A GST registered operator cannot transport goods whose value exceeds Rs 50,000 in any vehicle without the possession of a valid Eway bill that is authorized through ewaybillgst.gov.in.

Nowadays there are many technological platforms such as GST software and tax return software solutions that help organizations in the generation of valid E-way bills. Investing in an advanced GST return software is definitely a good choice for organizations as it enhances operational efficiency through the seamless generation of E-way bills.

B) When and Who Can Generate an E-Way Bill?

GST invoice software can help any company generate an Eway bill automatically when there is a planned movement of goods in a conveyance and the value of goods is higher than Rs. 50,000 either in each invoice or aggregate of all invoices:

1. In relation to a supply

2. For reasons other than supply ( eg. return)

3. Due to inward supply from an unregistered person

The following parties are authorized to generate an E-way bill:

1. Register Person: E-way bill can be easily generated when there is a movement of goods that exceeds Rs. 50,000 by a registered person – in fact, a registered party or transporter may choose to produce an Eway bill through the eway bill software or GST billing system even if the value of the goods is below the limit of Rs. 50,000.

2. Unregistered Person: GST software is a good platform to help even unregistered parties generate a valid Eway bill. When supply is made from an unregistered person to a registered person, the receiver needs to make sure that all the compliances are met, and GST invoicing software can help managers overcome any hurdles.

3. Transporter: GST tax software can also be used by transporters who are carrying goods by rail, road, and air, as it is mandatory for them to generate an authorized E-way bill.

GST compliance software is a radical tool that automates and streamlines the entire process of generating Eway bills, hence investing in a sophisticated GST return software is highly recommended for organizations that deal with a frequent heavy volume of goods movement.

C) How Can GST Software Help in the Generation of Authorized E-Way Bills?

GST invoice software is a smart and automatic solution that can help in the generation of E-way bills in large quantities. The best aspect of GST return software is that it is a user-friendly tool that can greatly reduce the burden of legal compliances for organizations.

Getting a GST billing system is a wise decision as it can help in generating E-way bills in the following ways:

1. GST tax software enables new system users to sign up with the E-way bill generation portal.

2. GST software can add multiple users for generating an E-way bill as per organizational requirements.

3. GST invoice software helps in documentation management and fills in the correct details for the generation of a valid E-way bill.

4. GST tax software assists in the printing and storage of E-way bills for future reference.

D) What Are the Advantages of Using GST Return Software for Your Organization?

There is no doubt that GST software is a dynamic system that can enhance all key profitability parameters for organizations in the long run. Here are some typical benefits that an organization may accrue through implementing GST billing system:

1. Ease of Filing Data

GST return software facilitates the seamless organization of essential invoices, tax returns, accounts data, and inventory calculations in a systematic manner. It also aids in the migration of data to electronic portals and enables a smooth system of filing for organizations.

2. Scalable Software

GST software solutions are highly scalable and are able to expand to meet the growing demands of your business. It is possible to add extra additional modules to GST return software, making it a holistic one-time investment for your expanding business that can be specially customized to meet organizational demands.

3. Simplified Invoicing

One of the biggest advantages of GST tax software is that it makes it very easy to calculate taxes such as service tax, VAT, and other such legal compliances. Tax return software is indeed a very useful and accurate tool that ensures that invoices and taxes are filed at the right time and format.                          

4. No Errors

There is no scope for any mistakes or errors with modern GST invoice software systems as all the tedious and lengthy calculations are automated. This is very helpful as it boosts accuracy and prevents time wastage in redoing erroneous taxation or accountancy.

5. Time-Saving and Cost-Effective

GST return software greatly helps in saving time by reducing administrative paperwork, and is a highly cost-effective solution as it is a one-time investment that yields high returns. Tax return software handles all operations right from invoice management to tax filing, thereby eliminating the managerial burden and increasing productivity levels.

6. Accessible Anywhere

GST software solutions are mostly cloud-based, thus making them accessible from any geographical location. Employees can access organizational data from any remote area, and remain connected – all they require is a high-speed internet connection to log on to the system through their mobile phone, tablet, or personal computer, thus boosting up work mobility and accessibility.

Things You Need To Know About GST - Retail

GST has paved the way for the total restructure in the taxation system within the country, and thereby has resulted in the inflation as regards the prices of all types of commodities and services. It is a necessity that retailers must have a detailed grasp regarding the POS (Point of Sale software) and the taxes involved for accurate billing, let whatever be the nature of the business. The incorporation of GST in the billing system is a pragmatic requirement for all transactions.

Nevertheless, it will be a hectic task when the entire proceedings that happen within the store, restaurant, etc.are taken care of manually. Here pops up the practical significance of specially designed software. However, it is imperative that one must get hold of bespoke GST accounting software for making the entailed tasks cohesive and easy. Remember, a generally coded GST software will not do the trick; one will have to design the software, precisely in tune with the practical requirements. For this, the professional competence of a technically perfect company is essential.

1. GST software makes the management well informed, regarding the relevant tax rates they are supposed to shell out at the various points.

2. Small and medium-sized traders get the leeway to create a trouble-free trading ambiance, with a comparatively low budget. 

3. Traders will be able to cut down the management cost required to run the show to a great extent. 

4. The management can track the process in an up-to-date manner.

5. Bespoke GST accounting software will bring in precision to the overall accounting system. 

Apart from the accuracy, there will be swiftness in the system.

GST software with different codes and meant for different purposes are available. Hence, one will have to choose the GST accounting software strictly in tune with the practical necessity. However, one will have to bear in mind that the GST software for trade and distribution will be a mismatch for sales and service companies. Here the professional assistance of a specialized software development company becomes imperative. 

What Are the Essential Information a GST Invoice Should Have?

The primary purpose of an invoice is to be able to levy tax and pass on the GST input credit. A GST tax invoice should have the following mandatory things included:

1. Date of the issue

2. Invoice number

3. Name and address of the recipient

4. Billing and shipping address

5. Name, address, and GSTIN or UIN of the recipient (if registered)

6. HSN code of goods or Accounting Code of services

7. Description of goods or service

8. Quantity of goods and the unit or unique quantity code thereof

9. The total value of the goods or services supplied

10. The taxable value of goods or services supplied or both and taking into account

11. Discounts if any

12. Rate and amount of tax (Central tax, State tax, Integrated tax, Union territory tax or cess)

13. Whether the tax is payable on the reverse charge basis

14. The signature or digital signature of the supplier or his authorized representative

If the value is more than 50,000 and the recipient is not registered, then the invoice should have the following:

1. Recipient’s name and address

2. Address of delivery

3. State name and state code  

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Frequently Asked Questions (FAQs)

  • GST features include:
    1. It is a dual GST tax structure - CGST and SGST
    2. An Integrated GST (IGST) is levied on inter-state supply of goods or services
    3. GST is applied on all products and services except for Alcohol for human consumption
    4. Import of goods or services is treated as inter-state supplies
  • Implementation shouldn’t take more than seven days if you don’t require many customized features.
  • Here are the most popular GST software :
    1. Tally ERP 9
    2. Zoho Books
    3. Quickbooks
    4. ProfitBooks
    5. Clear Tax
  • Some of the best GST billing software are :
    1. Zoho Invoice
    2. Marg ERP 9+
    3. QuickBooks
    4. Invoicely
    5. Billbooks

Shrushti ChawaraBy Shrushti Chawara | Last Updated: October 27, 2020

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