ATK
New Delhi [India], August 13: The GST tax system was first introduced in 2017 in India. As of the present year records, the number of tax filers has increased from 68% (FY 2017-2018) to 90%. Various software has been launched to ease the process of filing the return.
However, not all of them are adequately featured and resourced. Hence, you must be critical when choosing your GST return filing software. It must be capable of offering you a seamless filing process. Read along to learn about the factors you must consider when opting for the top software solutions.
7 features that certify you have chosen the top GST return filing software
Most software might boast of providing incredible convenience for simplifying the filing procedure. However, only some fulfil their claims. You must look for these features while looking for the top business software for an enhanced experience.
* In-built error detection
The system must be able to detect, prevent and rectify input errors. This will enable you to ensure absolute accuracy in the filing process. It will, in turn, prevent you from incurring penalties and other inconveniences. Additionally, it should provide you with an automatic calculation of GST on your sales and purchases. This will prevent the entry of any inaccurate data.
* One-time return filing
Thirdly, you should be able to file your GST return once per period. How does it help? It simplifies the entire and minimises the chances of discrepancies. Moreover, it is easier to ensure GST compliance in the long run. Additionally, this also eases the tracking and monitoring of compliance activities. Periodical return filing is quite chaotic, and you must pay penalties for late filing.
* Tracks filing activities
Another fundamental feature is the signing of the GST filing for advanced tracking. Once the return is filed, you can mark it as signed for that specific period. Any additional modifications and rectifications will be identified and highlighted for your actions. This will help you to effectively deal with the amendments and reports to prevent further mistakes.
* Offers auto-filling of forms
A top software company will offer auto-filing of GST forms like GSTR-3B, GSTR-1, and CMP-08 to eliminate the chances of any inefficiency. Firstly, it will ease the reconciliation process of GSTR-1 and 2 with 3B. This, in turn, helps make the return filing process more time-effective. This was very recently introduced in August 2020. However, most top filing software have integrated it into their prevailing systems.
* Convenient return export
As a business owner, you certainly have an Excel sheet to maintain your filing records. Now, imagine having to convert the filing format to support the Excel or JSON structure. Sounds hectic, right? Hence, we suggest you opt for software offering you direct export of the return in JSON and Excel format. It will cut down your overall time allotted for this task. This integration is certainly a must-feature for your software.
* Seamless GST reconciliation
Along with being an efficient inventory management software, GST reconciliation is another common feature the top software will have. This saves your effort and time from individually filling out the GSTR 3B form. It must quickly match the information and inform you about any discrepancies. Additionally, it should also be capable of identifying any missing invoices.
* Navigable Interface
The best software should offer easy navigation, and both novice and experienced people must be able to use it. Its interface must be properly optimised and user-friendly. It must be convenient for all small and large business owners to file their GST returns and ensure compliance.
Parting thoughts
Like you choose other components in your business with extreme care, selecting your GST filing return must be done with equal scrutiny. Compare multiple options to get hold of an efficient solution like TallyPrime. Since now you know the features to look for in the GST returns filing software, it will be easy to leverage its benefits.
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