GST (Goods and Services Tax) is one of the largest indirect tax reforms in India. GST has a single tax on the supply of goods and services. This is a destination based tax. GST will subscribe to Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc.
Best GST Accounting Software in India
GST is India’s biggest indirect tax reforms in the country. GST is hoping to bring state economies together and improve the overall economic development of the nation.
GST is a comprehensive indirect tax on services, sales, and consumption, along with services at the national level. It will replace all indirect taxes imposed by the States and the Central on goods and services.
There are about 160 countries in the world in which GST is applicable. GST is a tax-based destination where taxes are collected by the state where goods are consumed. In India, GST was implemented from July 1, 2017, and it has adopted a double GST model in which both the state and the central goods or services have been taxed.
SGST – State GST, which collected by the State Government.
CGST – Central GST, which collected by the Central Government.
IGST – Integrated GST, which collected by the Central Government.
In this article, you will get complete information regarding GST (Goods and Services Tax) including GST benefits. With this article, you will also be informed regarding some best GST accounting software in India.
GST Benefits in India
- GST has brought together many indirect taxes under an umbrella, simplifying taxation for service and commodity businesses.
- Experts believe that with the introduction of GST, the cost of products and services will be reduced in the long run. This is because the cascading effect of a series of VAT and taxes has now been erased.
- Service providers with less turnover of fewer than 20 lakhs are exempted from paying GST. In the case of North Eastern States, the limit is 10 lakh rupees. This will help small businesses to avoid long taxation processes.
- Under the GST taxation process, companies with turnover up to Rs.75 lakh may be separated from the composition scheme and only 1% of the tax on their turnover has to be paid. This will help them to follow the simplified taxation process.
- The purpose of GST is to reduce corruption and sales without a receipt.
- The need for small companies is reduced to comply with GST, Excise, Service Tax and VAT.
- GST brings accountability and regulation to unorganized sectors like textile industry.
- In order to replace many state and central taxes with GST, there is a possibility that the collected taxes be distributed across the country, which provides funding for developing or undeveloped pockets in India.
- GST has reduced taxes on some goods by 2% and others by 7.5%, such as smartphones and cars.
- GST brings uniformity in the taxation process and allows centralized registration. This allows small businesses to enter their tax returns every quarter through an easy online mechanism. This reduces the plurality of taxes because they do not have resources to hire tax experts.
- GST reduces logistics costs by eliminating boundary taxes and solving check-post anomalies. A decline of 20% in logistics costs for non-bulk goods is clearly an expected result.
- GST points to a positive impact on India’s GDP. It is expected to grow at least 80% in the next few years.
- The possibility of tax evasion has completely diminished due to the GST action.
Top 5 GST Accounting Software in India
GST has made it difficult to minimize the accounting process at least in the early days. But these systems have certainly made our life easier than before. This system helps manage the accounts of every business and sector with total ease. Some of the top and high-quality GST software below are available in the Indian market to choose. So now, let’s take a look below.
- ERP 9
It is one of the leading systems of India that really handles GST accounting well. Tally. ERP 9 is an amazing business management software for GST, inventory, accounting, and payroll. This is the most commonly used system across the country for unlimited benefits. You can download this system from any platform for free to improve your business.
- Advanta Witty Turbo
Advanta Witty Turbo is one of the best GST software available in the market by Advanta Innovations. This is a very affordable, reliable and user-friendly business management system. It is a full business accounting software that has many features. The amazing features and qualities of this system make it an easy and best choice.
This system is easy to use software for GST returns. It governs many processes of accounts with complete ease. Below, we are going to list some of the best features of Advanta Witty Turbo.
- Bill Printing.
- VAT, GST, Sales Tax, Service Tax, e-TDS, e-Filing, etc.
- Excise, Sale Purchase Order/Quotations, Job-work, Barcode label printing.
- Zoho Books
It’s a simple but effective system that helps you manage your accounts online according to the new rules in the tax system. Zoho Books are easy to use by millions of people using the system. You can stay on top of your cash flow with the help of this system. It is also economical which makes it easy for you to choose it. Apart from this, this system is popular for a reason.
This is yet another important and beneficial system that manages GST accounting and GST billing. It helps CAs and various companies manage their account with ease. If you are still not impressed by this system, then the following are some of the key features of the Cleartax GST accounting software.
- It provides the best protection of data in technology, which is one of its unique properties.
- It can also control every user’s activity in SahiGST by role defined access.
- Cleartax also has the ability to create a flexible and special report according to customers, tax slabs and date ranges.
- HD Accounts and Billing
HD Account and Billing are among the best GST software that you can use to handle your business accounts. This system has ease of use and has a very impressive interface. It is a Windows-based billing, inventory management, and accounting system and it is easily installed on any one computer or multiple terminals. All these qualities make it an easy choice.
With this article, we had tried to discuss some beneficial information about GST (Goods and Services Tax). With this article, you will get informed regarding GST benefits in India as well as the top 5 GST Accounting software in India also.