5 Basic Features Every GST Accounting Software Should Have

GST Accounting Software

Introduction to GST Accounting Software

GST ushered in an era of complex tax compliance structures. Invoices issued had to be GST compliant, multiple tax forms needed to be filed, claiming of ITC refunds, etc.; all added to make up for the complex nature of GST.

This created difficulties for the taxpayers and accountants. However, the implementation of online accounting software in India, helped them to overcome this and meet the necessary tax compliances within the given time.

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Today there is innumerable online accounting software available. This made choosing the correct and appropriate GST software a bit difficult.

This confusion can be simplified by looking at some of the important features that every online accounting software should have like:

  • Print GST invoices: There are certain requirements of a GST invoice. It needs to include such details as:
    • The supplier and recipients GSTIN,
    • HSN/SAC codes,
    • The applicable GST tax rates and
    • The different categories of taxes that are applicable like the SGST, IGST, CGST, UTGST, etc.

A GST accounting software has the ability to produce GST compliant invoices within minutes. The flexibility of this software can be understood from the fact that invoices can be generated using the templates given or can also be customized. Other advantages of this software in this regard include:

  • The ability to schedule invoices,
  • Send out o/s payment reminders,
  • Get invoice view notifications and
  • Get payment made intimations immediately.
  • Obtain GST compliant reports: GST requires its customers to file tax returns monthly, quarterly as well as annually in a pre-determined format. The implementation of an online GST software ensures these requirements are easily met. Reports can be easily generated by importing excel data and incorporating it within the reports.
  • Match and mismatch report: GST enables its taxpayers to claim ITC benefits for GST paid on all inward supplies. But this input tax credit can only be claimed when the required reports are filed on time and with periodic regularity. The presence of the ITC match/mismatch report calculates this with extreme accuracy. Thus recorded purchases can be matched against the GST invoices raised accurately. These reports also help taxpayers to:
    • Locate mismatches, if any, between the purchaser/ supplier invoices,
    • Communicate the same to the supplier in case such mismatches are present and
    • Demand the required action in this regard from the supplier.
  • Auto-tax calculation: The location of the required GST rate and calculation of tax liabilities become easier due to the implementation of the online accounting software India. Thus tax calculation errors can be avoided and accurately calculated taxes be paid on time.

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  • Look-up of HSN/SAC codes: Goods and services are categorized in the GST regime using the HSN/SAC codes. Thus it becomes mandatory to ensure the use of the correct code applicable. Searching for this from the long list of almost innumerable HSN/SAC codes can be quite a cumbersome job. However, the implementation of online GST software makes this process easier.
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The GST accounting software is generally cloud-based and this makes it easier for accountants and taxpayers to get the above jobs done in an effective and efficient manner.

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