Goods and Service Tax, aka GST was first implemented in 2017, immediately after the government of India passed the GST Bill. It is a tax that binds the nation in “One Tax Policy” by eliminating different services & state taxes.
For GST Filing, an entrepreneur requires to fill different forms like:
- GSTR1, GSTR3B both.
- Fill Sales Report, Purchase report, Financial reports, i.e., Trial Balance, Profit & Loss Account, and Balance sheet.
- Show Receivables & Payables based on an invoice.
- Reconcile GSTR2A in software.
Since the passing of GST, many industries have shifted to cloud-based software or online software to bring ease to their businesses. Many felt that offline software, primarily related to accounting, cannot perform as efficiently as cloud-based technology.
Wondering why cloud-based software goes hand-in-hand with GST?
- Automation: The primary benefit of cloud-based software is that it automates the processes, and when it comes to GST return, automation works the best. With all the data saved on the server, filing GST return becomes easier & the process completes in no time.
- Secure: GST Return is filed to calculate the tax to be paid for the services, and in case of error, there is a penalty involved. To avoid penalties, cloud-based servers are considered secure & protected for entrepreneurs. It decreases the chances of manual filing, thus, increases accuracy in returns.
- Remote Access: The meaning of cloud-based servers is that they can be accessed from anywhere and anytime. Whether you are travelling or sitting in a secluded place or in the comforts of your home, cloud servers are remotely available. Therefore, you can file your return from anywhere.
- Cost-Effective: Usually, cloud software work on a subscription model with sometimes implementation & upgrades free of cost. Also, they are open to various features enabling the user to enjoy benefits at budget-friendly prices. So, if you are looking for complete software in your budget, then a cloud-based system can work the best.
- Real-Time Data: Since the entries are automated via software, you can procure real-time data for your GST calculations. It is considered an authentic & reliable option to manage your finances so that there is no chance of error left.
Initially, GST came as a shocker to the entrepreneurs, but it turned out as a savior for the companies. With many taxes converted into one, the workload decreased, and now with cloud-based software things are going smoothly in an autopilot mode. Many have shifted to advanced technology. Are you ready too?