GST Software is a software that allows a taxpayer to manage his/her GST compliance in a more efficient and streamlined way. It also has the features to generate invoices as per the statutory guidelines and ensure a hassle free process to file returns online. It has all the features for easy GST return filing, which in turn can enhance small businesses to focus on their core business activities and overall growth.
GST software is the single solution for all the compliance associated tasks as it keep and manage all associated operations in a company. GST software can be operated in both offline and online mode. Without an internet connection you can use this software in offline mode which increases the routine of the software that sometimes get obstructed because of slow or disrupt facility of the internet. Whereas online software has the benefit of storing a secured back up of all information through cloud computing, where all data fed in the software is securely accumulated on a distant server.
GST include state taxes like luxury tax, VAT, octroi, and purchase tax, as well as central taxes like central excise duty, customs duty and service tax. It is a unified tax collected at multiple factors across the country on products and services with a complete set for taxes paid in advance inside the fee chain.
Types of GST:
GST is a value added tax that stands for Good and services tax. It is charged on most of the good and services sold for the domestic consumption
CGST, SGST and IGST are the three types of GST in India which is charged by the state government. This categorization helps distinguish between inter and intra state supplies and mitigates indirect taxes.
- SGST is the tax on intra-state goods and service transactions which is charged by the central government. It include earlier taxes such as luxury tax, VAT, entertainment tax, octroi, tax on lottery and purchase tax.
- IGST is the tax on inter-state goods and service transactions where the taxes charged are shared by both the centre and state.
- CGST is the tax on intra-state goods and service transactions. It is charged along with SGST and the revenues collected are shared between the state and the centre.
Functionality of GST Software:
GST Software has various functionalities. These include:
- It can deal with GST compliance related strategies.
- It can check the activities of every stakeholder
- It keep all essential documents and complete reports
- It also keep a record of GST filing unpaid dates, filing prompts, and payment position.
Benefits of GST Software:
There are numerous benefits of using GST software. Some of these include:
- The business owner can get the knowledge about the applicable tax rate they need to pay, to whom and where by using a GST software.
- The small and medium sized companies can have now access to pre-designed programs with vary low cost because of GST software.
- Accuracy, cost savings, speed, and keeping updated information are some of the added advantages of GST software.
- More production and export of more goods without any heavy charges are possible by using GST software.
- GST software has made the calculation easy.