Back in the 90s era, Anu had been running her startup business and managing different aspects of its marketing quite well. However, she always took a step back when it came to managing the accounts and tax for her startup. It was because of two main reasons – tax and accounting were a manual process back then, and required 100% accuracy, and because any slight mistake during the calculations could have hindered her business growth.
However, bygones are bygones. In today’s digital world, managing the business growth without taxes and accounting posing a hindrance is much easier with one unified solution i.e., GST software.
There’s no dearth of options for GST softwares in India, but picking up the one that meets your requirements and streamlines your business operations in the simplest manner isn’t easy. In this blog post, we majorly will cover – what is GST software, the list of features your GST software should have, how can you file GST using the software, and what makes Giddh your preferred choice.
So, keep scrolling to learn more.
The sole purpose of GST Billing software is to ensure that organizations are able to keep up with the constant upgradations of GST rules in India. They must adhere to the new procedures and complete all the formalities properly in the right format to avoid penalties and compliance issues.
The right GST billing software like Giddh can help you manage your accounts, ledger, inventories, and multiple other financial operations. It saves you time and simplifies your accounting processes.
Exploring the list of all GST software providers isn’t complicated, but finalizing one name out of the lot is what is tougher. If you’re too confused about which software to pick, first determine your organization’s requirements, and then shortlist a few options. Based on the software’s you shortlist, download their trial version from the internet, install, and check if they are meeting your requirements or not.
Having a GST software like Giddh by your side, executing different accounting functions, and ensuring your business is GST compliant becomes easier. As per the Indian laws, any seller/dealer who’s registered under GST must file a return that includes GST on sales, purchases, etc. and this process can be streamlined by leveraging a GST billing software.
Accuracy – As manual bookkeeping can lead to multiple calculation errors, it’s best to use a dedicated software to minimize human errors. A single error can greatly impact the end balance and hence relying on machine-based tools/softwares’ is in your best bet. The information is always up-to-date within the software that saves time for critical business operations and improves the efficiency of the organization.
Speed – By using a Goods and Services Tax billing software, the organizations are able to process their accounts at a rapid pace as the software is bundled with different GST features which in a way keeps the businesses GST-compliant. Since the software is operational on computers/laptops, the processing speed automatically improves as computers are able to compute figures much faster than the human brain. Another significant benefit of using software is that you can customise it as per your requirements and easily automate similar processes to avoid manual labor.
Expenses – As the software streamlines most of the internal processes, it strengthens the delivery potential of each member and minimizes the overhead expenses. The implementation of the right software minimizes the payroll and administration costs and thus the balance amount can be used in proper maintenance of the software or purchase additional hardware.
Easy Data Filing – Business organizations can easily keep track of their financial data, inventories, calculate different taxes, and also generate bills and invoices following the guidelines of GST. The data is more secured and the process of filing complex data becomes simpler using the software.
Tax Filing – Equipped with a wide range of features, GST billing software makes the tax filing process look like a cakewalk. The software can calculate your return semi-automatically, ensuring that you don’t have to spend time and resources to chalk out relevant details manually.
Reporting – No business organization can thrive without proper reporting as these reports provide members access to crucial financial information whenever required and analyze business growth. The GST software comes equipped with built-in reporting modules that allow the employees to create such cash-flow reports easily. The software also makes it easier for you to generate GSTR 1, GSTR 3B return summaries, e way bill reports, etc.
Accessibility and Customization – Documents once uploaded into the GST software can be accessed from anywhere and anytime. It’s easier to cross-verify the data, track cash-flow, and perform real-time analysis of the payments. Further, the software can be easily customized as per your business requirements.
Filing out GST returns can be a complicated process if you fail to understand the nuances of it. So, in this segment, we discuss how you can file your GST using a billing software like Giddh. But before that, remember, as per the guidelines of GST, a taxpayer needs to furnish monthly returns and one annual return. The taxpayer needn’t file all types of return but must file returns based on the activities they undertake.
If you’re a regular taxpayer, you need to file these three returns:
gstr 1 (Statement of Outward Supplies) – It signifies the tax liability of the supplier for the supplies which got affected in the last month and must be filed out by the 10th of every month. Example: For an outward supply made in July, the tax will be filed by the 10th of August.
gstr 2 (Statement of Inward Supplies) – It signifies accrual of Input Tax Credit and is auto-populated from the GSTR – 1s filed by the corresponding supplier of the taxpayer. You can file this return by the 15th of every month.
gstr 3 – It’s a consolidated return that must be filed by the 20th of every month. It consolidates the following – Outward and Inward supplies, ITC availed, tax payable, and Tax paid (using cash and ITC).
In case, you wish to file an Annual Return, you can file it by December 31, of the next FY simply by collating details of expense and income for the entire financial year. While your GSTR -2 is auto-populated from supplier’s GSTR – 1s, the GSTR – 3 is populated from your GSTR – 1 and GSTR – 2 only.
To file GSTR – 3B using Giddh, you need to follow these steps:
An entry form opens on the screen. Fill it up according to the following details:
You can also view the entire summary of GSTR -3B, GSTR – 1, or of GSTR – 2 by clicking on the “View Summary’ button next to the summary label for each of the three return types. Simply pick a defined date range on a monthly basis or define it on a custom mode and view the transaction details.
Note: You can also follow this link to file GSTR – 1 and GSTR – 2 using Giddh
It’s a fact that computing GST or filing return isn’t everybody’s cup of tea and requires a thorough knowledge of tax rules applicable and accounting. If you’re also one of these individuals and are racking your brain in figuring out – which GST software is best? maybe, it’s time to give Giddh a try.
It’s a great option that you must consider for your accounting needs or to file GST. A cloud-based software that easily fits into the accounting operations cycle of both small and large organizations, sorts out their GST confusion in a jiffy and makes your tax and accounting process much simpler and affordable.
If you’re curious about – why and how to use GST software? these features will give you a fair idea:
Take your first step towards the future of accounting and enjoy hassle-free GST filing, professional-looking invoices, better reconciliation and much more with Giddh!