Best GST Software in India

What is GST Software?

GST software is a tool designed specially to help Indian businesses manage their Goods and Services Tax (GST) compliance. It simplifies various taxation tasks, including return filing, reconciling transactions, creating GST invoices, managing e-way bills, and ensuring compliance with local government taxes.

It helps to reduce errors and ensure accuracy in tax calculation and filing.

What are the Benefits of GST Software?

The GST software in India has been a book for business owners and service providers who would not know how to handle the new taxation process with the billing software functionality. Listed below are its advantages:

1. Efficient Tax Filing with Great Ease:

   Accounting, finance management, different tax calculations, filing tax returns, and billing can be daunting tasks. Proper and accurate tax filing is imperative for a business to avoid any unwarranted problems in the future. A user-friendly GST return software makes tax filing feel like a walk in the park and aids in the 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 to be sent to the customer. It helps to keep track of receipts, expenses, and 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:

   The best GST software allows the management of business inventory. It helps to keep track of the list, send invoices, and place orders for products depending on their requirements. It allows the entry of stock issues and wastage as well. Some software even has a barcode scanner that helps efficiently manage the inventory. It also helps generate various reports like sales inventory reports, service reports, items in inventory reports, and the movement of products reports.

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 calculate all GST returns, refunds, and taxes, such as CGST, SGST, and IGST. It is also designed to add any other extra rates and penalties, thus making tax management easier.

5. Management of Payroll Activities:

   The payroll system is crucial for business and employee relations. Timely payments are vital for financial trust. The new GST software streamlines payroll, making it easier for business owners. It helps generate automatic payrolls with all the taxes and other things added automatically and helps create fast and accurate invoices.

6. Remote Management In Real-Time:

   Customize GST compliance software for various industries like Retail, Restaurants, automobiles, Apparel, etc., to suit specific needs and rates. This solution aids distributors in categorizing sales, increasing retail profit margins, and managing invoices and inventory efficiently. Real-time reports enable tracking business operations from any device, ensuring seamless workflow management with GST return software.

What are the Key Features of GST Software?

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

• Invoice Generation as per the GST Standards: Business organizations can prepare a proper GST tax invoice format for their taxation and other financial records that abide by the GST standards. It helps businesses' inadequate regulation of their income and expenses.

• E-Filing for the Returns and Return Reconciliation: Now, business owners do not need to rush to the concerned official building to file their tax returns. There are many types of GST returns With the help of the GST return filling software solution, it can all be achieved with a one-step e-filing of the returns and return reconciliation.

• E-Payment Facility: To top it all, the GST solution also offers the ease of paying tax returns through the e-payment facility. It is a hassle-free process to make the payment online securely.

• Tax Computation and Validation: All the computations are done on the GST computer systems and are entirely validated.

• Client Management: The top GST software also offers the ease of effective client management for business organizations.

• Data Import: The data relevant to the organization’s purposes can be easily imported with the help of specialized software.

• ITC Match/Mismatch Report Generation: If there is any trouble or mismatch in the ITC filing, then the GST accounting software creates the proper report.

• Credit Management: The GST software can help minimize debt and improve the overall cash flow of the business by allocating varying GST credit limits to different parties.

• Budget and Controls: Business organizations can efficiently utilize the funds and can control the overall expenditure.

Must-Have Features of Good GST Software

• Security: As one might have to deal with vast amounts of money, the software must ensure secure transactions. Secure GST software would protect confidential information related to any business, avoiding any compromise that might threaten the business information. Therefore, the GST offers robustness in filing returns and ensuring overall data security for business organizations.

• Multi-Platform Adaptability: Functioned well on multiple platforms to keep up with the various compliance requirements. It is easily accessible from PCs, laptops, and even smartphones through the app. This tends to increase the ease and speed of return filing through the online medium.

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

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

• Friendly User Interface and Reporting: The software should offer a simple user interface and informative dashboard, including various MIS reports for quick decision-making and transparency in operations. The availability of real-time information might help business owners avoid over/understocking of goods. This might save a lot of capital if it operates on a minimum user interface principle.

E-Way Bill in GST Software: 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 possessing a valid Eway bill authorized through ewaybillgst.gov.in.

Many technological platforms, such as GST and tax return software, help organizations generate valid E-way bills. Investing in advanced GST E-way bill ERP software is a good choice for organizations as it enhances operational efficiency through the seamless generation of E-way accounts.

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:

• About a supply
• For reasons other than supply (e.g., return)
• Due to an 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 a movement of goods exceeds Rs. 50,000 by a registered person. A registered party or transporter may choose to produce an Eway bill through the E-way bill software even if the value of the goods is below the limit of Rs. 50,000.

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

3. Transporter: GST tax software can also be used by transporters carrying goods by rail, road, and air, as they must generate an authorized E-way bill.

GST compliance software is a revolutionary 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 the Generation of Authorized E-Way Bills?

GST invoice software is an innovative and automatic solution that can help generate E-way bills in large quantities. The best aspect of GST return software is that it is a user-friendly tool that can significantly reduce organizations' legal compliance burden.

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

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

• GST return software can add multiple users to generate an E-way bill per organizational requirements.

• GST invoice software helps in documentation management and fills in the correct details to generate a valid E-way bill.

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

How to Choose the Best GST Software?

With many GST software available in the market, one should select the software based on the needs and size of the business. There are several factors to be taken into consideration before purchasing software for your organization. They are:

1. Online and Offline Mode:

   Choose between online or offline GST software based on your business needs. Online software offers secure cloud storage, easy access, automatic updates, and government compliance. Offline software lacks continuous updates and may compromise security compared to online options.

2. Security:

   When buying top GST software, its security features must be thoroughly examined and ensure that the data is in safe hands. In offline versions, one should consider whether the software is equipped with proper features to prevent hacking and virus attacks.

3. Features:

   When choosing software for GST, ensure the this income tax software meets business needs. It should offer easy user registration, simplify GST processes for accurate tax calculation, and generate invoices in preferred formats. The software must track business processes, expenditures, and returns, manage accounts, handle inventory, track goods movement, and handle supplier/customer relationships. Additionally, it should manage employee salary payments and support transactions in different currencies.

4. Integration:

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

5. Scalability:

   Before choosing GST software, consider your business size and needs. Don't be swayed by fancy features; assess if the software truly aligns with your requirements. Some software may struggle to handle increased data and fail in calculations as your business grows. Thorough research is essential to ensure the software can effectively manage your evolving business demands.

6. Complexity:

   Choose a straightforward GST software to avoid complex return filing and calculations. Request a GST software demo to assess user interface, usability, and ease of understanding. User-friendly software can save costs on hiring a chartered accountant.

7. Software Customization:

   Good software must be easily customizable and accommodate your business needs rather than adjusting as per the software. The software 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 the whole taxation system are still new and in their implementation phase, not many people will be fully aware of some associated terms. So, the GST tool 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 solutions, as using different software for different things causes many integration problems and confusion. It reduces the efficient running of a business and is cumbersome. A GST software with a complete solution will improve money management and your business workflow drastically.

10. Cost:

    Cost is one of the most important factors when buying software. It is a common notion that more expensive software operates better, which is entirely 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 company and be worth it.

Challenges in the Implementation of the GST Software

Like any enterprise, the software can be challenging to implement. Though you can easily overcome these challenges, they can make a big difference in your GST software implementation. Let's delve into some common challenges you may face during the software implementation.

1. Length of Time:

   If you buy an on-premise GST software, its implementation process will be lengthy and time-consuming. For some robust software, the implementation process can even last for months. This will disturb your day-to-day workflow. Implementing a cloud-based GST software is the key to dodging this obstacle. Cloud-based solutions don't require manual installation; you can get them up and running almost instantly.

2. Change in Business Operations:

   Your staff is used to working without GST software. Adopting new software will suddenly be a challenge for your staff. Conducting business as usual, migrating to a new GST computer application, and learning to use it can be too much for your team.

3. Consistent, Adequate Training:

   You'll need to train your staff to use the GST software. Unless you have IT professionals, your employees will have difficulty figuring out how to use the new tool. Therefore, you will need to conduct appropriate training sessions to ensure all the desired employees know how to use it.

4. Burdensome Data Migration:

   Arguably, data migration is the biggest hurdle for GST implementation. Let's say; you used a standard software before implementing the new software. Your existing tool would have years, maybe decades, of data that your staff will need to transfer manually to the new software.

5. Lack of Support:

   Most GST software solutions lack ample support. In the case of on-premise software, you'll likely not receive free support beyond the implementation phase.

What are Different Types of GST Software for Different Buyers?

A) Small Business Owners:

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

1. Sleek Bill is the best GST software explicitly 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 parts are:

• Online Integration with banks
• Inventory management
• Free software to design invoices
• Handles payments and accounts

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

• Strong multi-layered security
• Email and SMS notification
• Management of customers and suppliers
• Backing up of data

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

• Automation of business
• Bank synchronization
• Creating invoices
• Accounting
• Email management

B) Medium Business Owners:

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

• Barcode integration
• Multi-currency compatibility
• Email integration
• Billing, invoicing, and expense tracking

2. QuickBooks is a well-known GST accounting software with efficient navigation, automation, and high security, making it apt for medium-sized businesses. Some of its essential features are:

• Accounting in the cloud
• Desktop and mobile application
• Report generation
• Allows multiple users
• Free customer support

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

• Advance payment handling
• Error-free GST returns computation
• GSTR-1 and GSTR-3B form support
• Outstanding reports for traders

C) Large Business Owners:

1. EasemyGST is a cloud-based GST software for enterprises. It has a full tax management feature that helps generate new GST invoices according to rules and file GST returns. This GST filing software enables efficient accounting and tax management along with the following features:

• Data security
• CA to help GST compliance and tax filing
• Multiple GSTIN management

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

• Easy ERP integration
• Dedicated support and accounts manager
• Automatic data import
• Online and offline mode
• No manual data entry
• Imports from Tally and Busy

Latest Trends in GST Software

GST software has changed many things Here's a quick look into the latest market trends in GST software.

• Integrated Accounting: Businesses need periodic and accurate reporting. With modern-day GST software solutions, accountants and business owners generate financial reports quickly and precisely. This provides a transparent view of cash flow and profit/loss, which catalyzes intelligent decision-making.

• Seamless GST Compliance: During the day, accountants had to calculate and file GST returns manually. Not only was this process tedious, but it was also prone to human error. GST software has automated GST filing and invoicing, helping businesses stay compliant.

• Data Privacy and Security: Cloud-based GST software is on the rise, and rightly so. They are cost-effective, easy to implement, and seamlessly scalable. However, data security was a major concern for users of online GST software. This concern diminishes as GST software vendors implement enhanced data privacy and security features. Some advanced security capabilities include multi-factor authentication, encryption, and synchronization configuration.

GST Related Research Articles:

• GST Registration Cancellation Under GST Act – Why and How?

• GSTR-7 Return Filing, Format, Eligibility, and Rules

• GST Exemption: Goods and Services Exemption List Under GST

• 7 Best GST Calculator Software To Look Forward

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• Free Accounting & Billing Software for India GSTN

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• TDS under GST: Everything You Need to Know

• GST Audit: Definition, Types, And Objectives

• Tax Collected at Source (TCS) under GST with Example

• Difference Between Direct and Indirect Tax

• Top 10 Features of GST in India

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• GSTR 2 – Meaning, Details, Format, and How to File GSTR 2