New Delhi [India], August 31 (ANI): The Goods and Services tax (GST) was rolled out by the Government of India on July 1 and ever since, it's compliance has become a debatable topic for the corporates of all sizes.
The switchover to this new tax regime, along with its compliance, thereafter have been particularly under the microscope, rushing businesses to take support from technology and tax software providers.
With expertise in their field of work, software companies have already started rolling out GST specific products. The offered tools are being put in action by the firms for better conformity of the newly amended tax regime.
On the corporate front, companies are facing a problem of rapid reaction to GST but their lack of knowledge and experience is making it a tedious task for them, to make a choice of which among the many to exercise, resulting in chaos and confusion within uninitiated firms. Many may not even be acquainted with what tax-solution providing software can do.
These software products are complete business management software and help a company keep track of all departments and maintains an account of everything in the business.
Here are some tips by Pavan Peechara, director at Udyog Software on how software technology can be leveraged to deliver sustainable GST solutions.
1. HSN look up an interesting feature:
A tool to provide a sustainable GST solution must possesses the HSN look up feature. Such feature allows you to search products with HSN code through HSN lookup which further helps in easy identification and categorizing of companies and their goods or services.
2. Cost Effectiveness for better Efficiency:
Like most of the software, GST software should facilitate cost effectiveness by providing the users with an affordable cost quotation which furthermore takes care of the overall cost effectiveness of rolling out and meeting compliances.
3. Easy billing through automated filing:
Software providing the HSN look up makes it easy to calculate tax category and percentage of it that has to be levied automatically. Features like this make it easy to process billing and minimizing human errors.
4. User friendly software ensures optimum adaptation:
One of the most important aspects of employing software in a business is the level of user friendliness it offers its simplified operations. It results in quick learning and operational ease. Therefore software must be user friendly for easy adaptation.
5. Filling complicated tax forms in one click:
Automation features should be provided by these software. It eliminates the hassle of paperwork and filing as it is taken care of by direct uploading of tax filing formalities online itself.
6. Innovation and technology as major facilitators:
Technology has always been a sector where innovation is its bread and butter to remain on the top as most preferable. Technology goes through tremendous R&D to outpace the outdating. A firm must be aware to adapt to the software that best meets the corporate requirements and itself. In short it should be future proofed to meet new tax slab incorporation or changing of slabs.
7. Accessibility of Location increases efficiency:
The most important feature of such software should be the ability to work beyond your 9 to 5 premises to access the required data. It should have the ability to be operated from anywhere and at any time to ensure effectiveness as efficiently online as it should do offline.
8. Customer support as an integral part of the process:
Due to the conundrum created around the GST system, it is of utmost importance for the software agencies to be readily available to handle all queries put up by its users in order to maintain a strong and impactful relationship.
Before selecting a GST compliance solution - use this time to take stock of your business and its operations:
- How many branches and locations do you have?
- Are you clear on the tax treatments for what you sell and buy?
- Do you understand what returns you will file?
- Are you able to generate a tax invoice each and every time with the correct rates applied?
- As you go through this analysis work with your CA or seek out a CA to make sure this moves smoothly.
Custom made solutions - this is a phrase that brings up the thought of a string and twines software, which isn't tested, supported and has to be managed through an expensive contract. People want solutions which work "out of the box." (ANI)
This story has not been edited. It has been published as provided by ANI