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.
What is GST Billing Software?
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.
How to get GST software?
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.
Benefits of GST Billing Software
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.
Other significant benefits that your GST software can provide include:
- 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.
How to file GST through software?
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.
Filing GSTR 3B Using Giddh
To file GSTR – 3B using Giddh, you need to follow these steps:
- Click the Authenticate button (top right corner of the window), or “File your Return” button in the Filing section.
An entry form opens on the screen. Fill it up according to the following details:
- Select Platform: Choose your preferred platform
- Username: Enter your registered user id which you earlier created on the GST portal (https://reg.gst.gov.in/registration/).
- GSTIN: Your registered GST identification number
- Get OTP: Click it to receive a one-time password on your registered mobile number
- Enter the OTP in the pop-up window that opens
- Click on the “File your Return” button to submit your GSTR -3B
- The GSTR – 3B report is auto-uploaded into your GST online account
- Review the information and submit the return if all looks good
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
Which is the best GST software in India?
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:
- Seamless Inventory Creation – Giddh can help you minimize wastage by keeping your entire inventory information at one centralized location and making it accessible from anywhere. Features like inter-branch stock transfer, custom creation of measuring units, etc. further assist you with effective inventory management and give you a real-time overview of the product catalog on the cloud.
- Bank Reconciliation – By connecting your multiple bank accounts via Giddh, you allow the software to fetch all your transactions automatically and keep track of your cash flow in the most secure, fast and reliable way. The one-click reconciliation feature further helps you know your balance in an instant maintaining full transparency.
- GST Compliant – Giddh streamlines your GSTR filing process by authorizing you to file GST directly from the online portal. You can easily create GST compliant invoices, provide access to relevant GSTR data, get timely notifications, and also activate 2FA to make your GSTR filing process secured from beginning to the end.
- All-in-One Dashboard – With a single accounting dashboard, Giddh offers you a bird’s eye view of your finances, provides you actionable insights and evaluates business performance, informs you where your money is going, helps you track monthly overdue and realize the true worth of your business. Using its one-click yearly comparison reports, you can easily predict the future prospects of your growing business by analyzing past trends and data insights.
- Automated Financial Reports – Proper accounting and financial reports keep you on top of your numbers and make informed decisions. By analyzing the reports, you are able to evaluate the strengths and the weaknesses of your business irrespective of the size. Seamless collaboration and sharing of different reports (P/L, balance sheets, general ledger, etc.) in PDF and Excel format with your stakeholder, investors, etc. help you keep track of people who owe you money.
- Multi-Currency Accounting – Do you often pitch to international clients and deal with the hassle of multi-currency conversions? Here’s Giddh – your multi-currency accounting software solution that manages accounting in more than 100 currencies. It automatically converts your foreign currency, manages your multi-currency payments, and makes invoicing and accounting easy.
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!