The government of India, on July 1, 2017, rolled out the Goods and Services Tax (GST), which replaced all other types of service tax and cess. Since then, the GST compliance has been a debatable issue in the country, especially for organizations of different shapes and sizes.
Organizations and businessmen across the country have to switch over to this new tax system and implement it instantly with the help of technology experts who provide GST software solutions.
Various software companies have already started providing new tax software, which is specific to products GST is levied on. Organizations are implementing these tools for better conformity of this new tax system.
However, they are facing difficulties during the rapid implementation of GST because of the lack of knowledge of new tax laws and corresponding experience.
Also in these organizations, there are people who are not well aware of what a tax-based software solution can help them with.
Key Features of an Ideal GST Software
These are specialized business software to help organizations keep a track of all the departments and enable them to maintain a single account of all of their business essentials. An ideal GST software must include the following features:
1. HSN (Harmonised System of Nomenclature) lookup
GST-based software solution must incorporate the feature of HSN (abbreviated as the Harmonised System of Nomenclature) look-up, as such functionalities enable looking for products with HSN codes easily. This feature helps in easy and quick identification of organizations with their respective goods and/or services.
2. Efficient and Cost-effective
Like a large segment of the software products, the GST software must be cost-effective and provide the users with a reasonable cost citation, as this is going to be a part of the overall cost incurred by an organization at different levels.
3. Quick and Easy, Automated Billing
The GST software with HSN look-up feature does make the calculation of tax category and its corresponding percentage that is levied automatically. At the same time, automated billing solution minimizes errors typically made by humans.
4. User-friendliness guarantees Optimum Adaptation
No matter how smooth a business process is going on, adding a user-friendly automated, tax-based software solution makes the process smoother. At the same times, it leads to operational ease and quick learning in the organization, which is necessary for everyone from both organizational and personal perspectives. An automated software is highly recommended for easy and quick adaptation.
5. Single Click Tax Forms Fill-up
Since GST is new in India, the software solution incorporated at the organizational level must possess the functionality of automatic filling up the tax forms to eliminate the hassle of paperwork. This software should enable uploading of the tax forms and fill them up in no time.
6. Technology and Innovation go Hand-in-hand
Technology and its various applications like automated software solutions have made human life easier like never before. It results in technology applications acquiring the top position on the Demand List of every organization.
Since technology goes through continuous sessions of Research and Development to outpace the obsolete(s), an organization must be aware of its comprehensive set of requirements and seek an automated solution keeping the list in view.
Ultimately, the tax-based software solution must allow making all changes that may be required in the future.
7. Global Accessibility Increases System Efficiency
Organizations work 9 to 5, though. The ever-so-desired tax-based software solution must not have such limitations and should be accessible even from outside the organizational boundaries, whenever required.
8. Complementary 24×7 Customer Service
Apparently, GST system is new and there is a riddle around it. It is, therefore, of a great importance that organizations seek efficient GST software solution should also ask for complimentary customer support to get their queries answered.
This is in order to make the system efficient and build an impactful relationship with the software provider.
Before purchasing any GST accounting software, make sure it incorporates as many as possible out of the aforementioned features. Make sure to have good enough knowledge of the tax treatments subject to the goods and services required.