Are you sure to remove tag permanently?
Are you sure you want to delete this collection permanently?
Article canâ€™t be published without adding a cover image and title.
Are you sure you want to exit without publish article?
Would you like to save your changes?
Why is medical tourism a successful and growing industry in India?
How to choose a business accounting software in India?
Practical guide on GST (Goods & Service Tax) Registration in India
Must-Have Features in a GST Software You Choose
Companies not only need new software but also have to become experts in using these. New businesses may find it challenging to choose the right features when looking to invest in the best GST software in India.
Here are some of the features you should look for in a GST feature:
Reminders for GST filing
Businesses with an annual turnover up to Rs. 1.5 Crore can opt for quarterly retainers filing. Those with income above Rs. 1.5 Crore have to file GST returns every month on the 10th, 15th, and 20th even if they have not conducted any sales or purchases.
Keeping all these dates in mind might not be convenient for you. Hence, having a reminder feature in your GST software is essential. The program will automatically notify you when it is time to file GST.
Accessibility to check accounts in real-time
Choosing a GST accounting software package that enables you to connect to your account in any financial institution is another you should opt for. It can allow you to connect to various accounts and keep track of the developments in real-time.
Accessibility from multiple platforms
Accessing your finances and GST returns from various platforms like desktop, mobile, and tablet is another feature to look out for. This function enables you to comply with GST more effectively and increase your rating. The GST Compliance Rating shows how well your business has adhered to the rules and regulation based on a scoring system ranging from 0 to 10.
Hence, opt for the best GST software that is online or cloud-based. These programs let you keep track of your GST returns irrespective of the platform.
Efficient user interface
A user interface that is hassle-free to navigate without any effort is beneficial even though it is not necessarily a feature. The UI must empower to perform a complex task with as minimal clicks as possible.
Choose the GST software that connects to the GST portal directly to make the necessary tax payments. CAs invest in GST software with this feature as it eliminates the need for manually logging in to the portal for payments.
A GST software app must also provide real-time information of your inventory when it reaches reorder level. Organising your inventory with cost, vendor information, product image, SKU, etc. is an essential feature. You must also be able to stay informed with detailed inventory reports, record inventory changes in real-time, avail customised rates, etc.
Ability to add contacts
Storing contacts of all your customers and vendors with all of their information makes it easier to track all sales and purchases and file returns. Contacts include name, GSTIN, PAN, address, location of the business, email ID, mobile number, pin-code, etc.
Last but not least, the software company must also provide you with support 24x7. Not only support staff that can answer your queries but the company’s website must also have tutorials, articles, and forums to help you out in case of any difficulties.
Using a GST software app must be as easy as the GST registration procedure. This is vital if you are on the verge of initiating your own CA firm.
Factors that Banks and NBFCs Consider When Calculating Business Loan Interest Rates