Goods and service tax is the largest tax reform since India independence. With GST being totally technologically driven tax regime, many GST accounting software in India is there simply for business owners and tax consultants. With every new change in the rules and regulations, GST software gets the upgrading for the process to be faster, easier and simpler. All the accounting software is there with rich capabilities for quick and easy return filing. This in return helps the business owner as well as the tax consultants to minimize the rejection of returns in the GSTN portal. Everyone who gets registration under the GST Act has to submit the details of purchase and sales along with tax record by filing online returns. Before filing the GST return payment of taxes are compulsory or else such return will be invalid.
Advantages of using GST accounting software:-
- The software provides flexibility to its users to easily make alteration with the accounts with just one simple click. Manually if you try to do then it is very challenging to maintain the errors without making a mess.
- The software which you will use will reduce the workload of an accountant. He just needs to enter one transaction and the other accounts get ready automatically.
- There is an elimination of the errors and mistakes with the usage of the digital system to get into the accounting data.
Steps for GST return filing process:-
The filing of the GST return can happen in various forms. It totally depends upon the nature of registration and transaction. There are multiple returns under the GST system. The most common ones used return are the GSTR 1,2,3,4, and 9. GSTR 1, GSTR 2 and GSTR 3 have to be submitted by all business owners on a monthly basis along with GSTR 9 which is on an annual basis. The taxpayers will submit the GSTR 4 on a quarterly basis. Return forms which are applicable for a normal taxpayer and the due dates are:-
- The monthly details of outward supplies in the form GSTR 1 by the 10th of next month.
- The monthly details of inward supplies in the form GSTR 2 by the 15th of next month.
- The monthly filing of return along with the payment of tax due in form GSTR 3 by the 20th of next month.
- The annual filing of return in the form GSTR 9 by 31st December of next financial year.
With the new software, any business owner can generate GST ready invoices. Some software has the capability to detect errors, which means anyone can file accurate GST returns without too many hassles. For example, if you are an owner of a business, you can easily update tax information even with last minute changes made in the data just by sending only the list of transactions. And if you are a tax consultant, you can help any of your clients to update his information by sharing only the list of the modified transaction which is a part of GST return filed in the GSTN portal.