With GST rolling out on 1st July 2017, everyone has been speculating about the tax a lot and about the time it will be implemented. However nevertheless, the question that's troubling several SMEs is whether their business/ERP software is ready for GST and their accounting system has ability to handle GST effectively. GST (Goods and Services Tax) is undoubtedly one of the most vital tax reforms to be passed by the Government of India. Under the current tax regime, there are several taxes imposed at various stages which are borne by the producers and eventually the consumers. With GST all the multi-level taxation gets eliminated and a single tax is imposed which is quite easier and simple to understand.
The businesses in India, especially the Indian Manufacturing sector is set to benefit from this singular taxation module as the sector will become more competitive and will save both time and money. With GST in place, other taxes such as Excise, VAT, Octroi, Service tax are likely to go out. The GST will work on a formula which will divide the tax between the centre and the state which will be acceptable to both. GST is being seen as a long term strategy and the businesses are gearing up to brace the change. They are adopting the best GST Accounting software that's set to make their taxation quite easier.
In today's scenario, nearly all the organizations including small, medium and large firms need accounting software for their business to execute their accounts, finance, journal, ledger, inventory and tax payment. This is the most common mentality of every business owner. Keeping this in mind several accounting firms have now come up with an accounting software that allows auto GST calculations and support any type of businesses including: service providers, sales & service, jewellery, trade & distribution, manufacturers, job works and textiles.
The specialty about the GST accounting software is that it centralizes your entire firm, and offers easy accounting solutions with advanced business tools to work easily. But this specific software with the entire advanced feature might cost higher, however, there are companies who have bought affordable GST accounting software integrated with Tally ERP 9 that's available in all major cities of India. This particular accounting software is suitable for all the businesses in the above mentioned sectors and with it you can easily view the last prepared invoice automatically while creating new invoices, set reminders for every invoice, email or SMS reminders automatically, prepare VAT, TDS, Service Tax and Excise Reports automatically, etc.
In order to file your GST, you require maintaining the records for nearly 6 years from the date you make your claim and also need to submit your payments for GST returns within the last day of the month following the end of the taxable period. GST accounting software integrated with Tally ERP comes with robust technology and ensures that all your data remains safe and secure.
Riyaz Tamboli is a Director at Antraweb Technologies Pvt. Ltd, a leading provider of Tally ERP 9 Software and support. Antraweb is a Master Tally Solutions’ partner with over 20 years of experience in providing Tally services including integration, customization, providing mobile apps, add-ons and more. His knowledge and experience has been instrumental in developing customized solutions for various businesses. Organizations can benefit from implementing Tally ERP 9 for their business and can download it from website.