For the Indian economy, the GST is something new that has changed the tax structure. However, in many other countries, the same is already implemented and proven as much useful. GST, short for Goods and Services Tax, has been a revolutionary tax regime, the implementation of which was doing the rounds for many years. The new system’s inclusion in the already struggling economy was met with both criticism and praises. Many experts believe in the fact that the GST can revive the economy, but it needs adequate help from all quarters. Nonetheless, GST is widely considered a step in the right direction and will bring about a positive change like never before.
After years of discussions, debates and varied viewpoints India has launched GST law which is a historic move by the government of India. The current scenario is all about technology and advancements and in order to meet the needs lots of software help you maintain your account books in accordance with GST laws in a more simplified way. All registered businesses have to file monthly, quarterly, or annually GST returns based on the type of business. The details any taxpayer will have to file for GST return filing online are regarding purchases, sales, output GST on sales and the input tax credit (which is the GST paid on purchases).
Return forms under GST are as follows:
- GSTR-1 -outward sales by business
- GSTR-2 -purchases made by businesses
- GSTR-3 -GST monthly return along with the payment of tax
- GSTR-4 -GST quarterly return for composition taxpayers
- GSTR-5 -periodic GST return for non -resident foreign taxpayer
- GSTR-6 -return for Input Service Distributor (ISD)
- GSTR-7 – GST returns for TOS
- GSTR-8 -GST return for E-commerce operator
- GSTR-9 – GST annual return
Why the masses prefer GST software?
- It is a free and easy GST Billing software for your business.
- Makes effective business decisions based on real-time information.
- File your GST returns in a single click.
- Generate GST compliant invoices.
- Management of stock for invoices generated items.
- It can manage your account anytime and anywhere and is highly secured.
The impact of GST software for GST return in India has been phenomenal. The credit must go to the new tax regime itself, for its easy-to-understand and convenience to every individual. Now, business owners do not require professional help for tax filing purposes as the software has empowered them to do this task themselves.
GST offers benefits to the government, the industry as well as the citizens of India. The objective of GST is to drive India towards becoming an integrated economy by charging uniform tax rates and banishing economic barriers, thereby making the country a common national market. It will help in the upliftment of “Make in India” campaign as goods that are supplied across the country will be much competitive not only nationally but also at international level. Items like movie tickets, two-wheelers, televisions, stoves, etc. will be cheaper.