With the introduction of the Goods and Service Tax (GST), the commercial sector has undergone a rapid change. It has affected the real estate, construction, and building sector, home buyers and developers, transportation and trucking companies, the power sector and much more. The wise person is finding ways to change with the times through the use of the software.
Useful GST software from companies
Many developers have put out software for preparing the GST for businesses. Businesses need software to save on time and to help reduce the burden of manual labor. For specific situations, you can see that you have many uses of the GST accounting software such as filing of your GSTR-3B. But, first, let us see what the GST is.
The Goods and Service Tax is a comprehensive indirect tax applicable to the manufacture, sales, and consumption of the goods and services inside the Indian Territory. It will subsume many indirect taxes levied at present by the state and central government at various points in the distribution of goods and services in the country. This will make the GST as the single applicable tax for all the goods and services.
Types of GST software
We see there are two kinds of GST software available in the market. One is the Accounting Software that has GST enabled in it. So, you can do the accounting and the filing with this software. The second is the Filing Software for GST. With this, you can only use this for Invoicing, Filing, and Reconciliation.
Thus, you have specific differences among the different brands on offer. For instance, one may have a low price and offer all employee usability. The other may have a high price and only the accountant can use it. Also, the privacy level may be high for one while for the other it may remain low. What the users look for is the security level. If the data security is good, then the users will prefer that software. The GST software price ranges from Rs 2,345 to Rs 25,670.
GST helps transportation industry
We cannot escape from GST. This is why all the businesses have taken steps of some kind to make the GST easier to use. Most of the software companies offer things like GST computation, GST Challan generation, paying and filing of GST, and Auto Reconciliation from GSTN. The GDP is on the recovery path as seen in this quarter when the growth rate touched 6.3% which is a significant positive increase after the downward trend in the past few quarters. It does seem that the single national online documents for the consignee, consignor, and the transporter will help ease the transportation problem.
India is moving closer to a uniform tax regime. It promises to simplify matters in the commercial sector. With so many new startups on the horizon, it is only natural that such a change should happen. This is very helpful but one must take the needed steps to incorporate the change. The GST should create a common market with a common market cap regardless of where the origin of the goods and services is.