The best GST software is essential for any business’ growth and success. It helps to manage finances efficiently. Organizations realize that manual document management is not enough. Good GST Accounting Software is essential for filing GST returns and managing GST reports.
GST Software allows you to bill and invoices your business in GST-compliant ways every day. It also helps you file GST returns at the end of each month. Let’s first compare the various types of GST Software on the market.
There are several types of GST Software available on the market:
- GST- enabled Accounting Software (helps with Accounting and Filing).
- GST Filing Software (helps with only Invoicing, Reconciliation, and Filing.
Many GST software is available on the Indian market to help small business owners streamline their finances, balance sheets, and business operations.
The GST is India’s biggest tax reform since Independence. It affects the indirect tax system in India. A variety of accounting software supports this new tax, both from established and start-up companies.
Key Features to Look for in GST Software
There are so many programs that are available on the market it becomes very important that the appropriate GST software is selected. Here are the key features to look for in GST software:
1. GST Return Filing Automation
The GST software should incorporate an efficient mechanism for enabling easy and correct filing of the GST returns. The filings are filed correctly on time; this feature is helpful and convenient because students don’t have to worry about returns. It is recommended that updates to GST laws be made on the software and it should be capable of lodging modified forms of GST returns including GSTR-1, GSTR-2, GSTR-3B and others as and when developed.
2. Invoice Generation and Reconciliation
Any GST software should be able to give you the appropriate perfect invoices with the correct taxes and other features as required. Furthermore, it should also facilitate an easy matching of invoices with the GST returns to curb any mistake on the payments side. The software should support management of various formats of invoices and the invoices can be prepared in various languages if required.
3. Integration with Accounting Systems
It will also be advantageous if the software only requires simple integration with the business’ present accounting systems for GST compliance. This feature is most useful for every financial transaction recorded in the GST software is automatically updated and will help to keep the company’s finances up to date. The software should integrate with other accounting software like tally, quick books and other related software to help in GST compliance.
4. Real-time Tax Calculation and Updates
Good software should be able to calculate taxes in real-time for instance the GST and then inform the business entities of the latest laws concerning taxes and rates. This feature assists organizations in meeting the dynamic GST requirements as well as enables accurate computation of taxes. It should also inform the user of GST deadlines, any change, or any news that may be of importance to the software.
5. User-friendly Interface
The operation of the GST software should be easy to understand and in developed in such a way that the flowchart is instinctive. The has been particularly useful for businesses with limited technical knowledge of GST compliance since they can manage its compliance without any problems. It recommended that the software should be easy to use with written instructions, video tutorials and guides for business to follow when using the software.
6. Customer Support and Updates for Compliance
Some of the other features that any business must look for while selecting any GST software are free customer support 24×7 and timely update to the GST laws. It also should offer a help desk or a support center that the user can approach should he face any problems or questions in relation to GST compliance. Proper updates and support mean that the businesses are aware of the laws governing the act and can effectively sort out the evolution of GST without any major issue.
Top 10 GST Software in India
GST is a technology-driven tax system. The following software’s can assist you with GST compliance, accounting, billing, and invoicing. Here’s a list of the 10 best GST Software in India.
1. Tally.ERP 9
You can create GST-ready invoices with Tally.ERP 9. Tally’s GST Software manages all aspects of GST invoicing/billing, from basic invoices/bills to complex ones with multi-item and multi-tax rates, etc.
The software can manage reverse charges, advance receipts and branch transfers. It also handles supply bills, export invoices, input credit and other adjustments.
GST returns can be filed in harmony with your books of account and reflect the same data used to file returns in the GSTN portal.
Tally.ERP9 can detect errors to file accurate GST returns with minimal hassle.
Tally.ERP9 is used to file GST returns. GSTR-1 and GSTR-2 can generate in JSON format. GSTR-3B can then print in word documents for submission to the GSTN portal.
Tally’s “Marked Voucher” feature lets you update your tax consultant/client about the changes made by simply sending a list of the most recent invoices.
You can also print invoices that include complete rate- and item-wise tax breakdown details. For each line item, you can view tax details (CGST/IGST/SGST, Cess).
2. Zoho Books
Zoho Books, one of the Best GST Software, is accounting software that allows you to send invoices, reconcile bank transactions, track inventory, generate reports and file GST returns.
This software helps you to create and manage GST calculations. Zoho Books will automatically calculate and apply the GST tax to each sale. It decreases the chance of errors in tax calculations.
When invoices are generated in Zoho Books, all details are automatically filled out by Zoho Books.
The software also includes fully customizable invoice templates. You can also add or rearrange information fields to your invoice templates. You can also create your invoice numbers automatically generated when invoices are created.
There are 11 types of GST returns different taxpayers must file at different times. You can file GSTR1, GSTR2, or GSTR3 with one click.
All of your sales and purchase information is automatically sent to Zoho Books when you file your returns. Zoho Books will notify you a few days before the filing deadline each month to help you make sure you file your returns on time.
Zoho Books can sync with the GST Network portal. Your Zoho Books accounts will automatically be fetched when your vendor submits their returns. These details include details about your transactions through the portal.
3. Reach Accounting GST Software
Reach accounting software is one of India’s top five best GST software’s. It’s a user-friendly program that allows you to customize your business. You can control your business from anywhere you are.
Cloud Accounting software provides easy accounting solutions and advanced business tools for your entire organization. However, the accounting software price with more advanced features might be higher. It is not affordable for small and medium-sized businesses.
This software allows you to manage all aspects of your sales, including CRM, billing, manufacturing, accounting, and inventory. It is accessible via a single web-based application.
Unlike traditional accounting software, Reach is easily accessible via Gmail and Facebook. Reach can be used by multiple employees simultaneously.
You can choose from 20 types of invoices. You can also customize the Invoice by adding your logo and taglines. It will make your invoices and communication with customers professional and complete.
You can access key information such as the current Bank Balance, Daily Sales and Daily Expenses from your mobile phone.
You can also create unlimited users and manage their access. Separate logins can be created for your Accountant and CA, Partners, as well as Sales Staff.
4. HDPOS Smart Accounts and Billing
HDPOS is a great GST Software. It is easy to use, has a great interface, and offers all the features that you need to run your business.
It will be a joy to use the photo-based interaction and available customizations.
HDPOS smart can manage business data and design and print barcode stickers, discount coupons, and product serial numbers. These stickers can be printed on pre-cut sticker sheets or a sticker printer.
It also supports email and SMS. The software lets you send specific messages to your customers or suppliers via SMS and emails.
The customizable billing system allows for more flexibility and customization. This billing system allows you to add as many data fields as you like and various data types to any object. You can add colour, gender, and size to customize your products in a clothing shop.
HDPOS Smart allows you to limit access to specific areas of an application from one computer. You can set up Access rights and create logins for employees. You can also restrict cashiers’ access to edit and delete bills.
The software can also help you remove all the complexity of Barcode management. It will allow you to create and print your Barcode stickers easily and quickly.
5. Profit Books GST Software
Profit Books is an easy and fast business online and the best GST software for small business owners in India. It allows you to create beautiful invoices, track expenses, and manage inventory without having any accounting background.
You can also customize the invoice numbers, footer information and template. To capture additional information about your business process, you can add custom fields.
Profit Books GST software makes it easy to track where your money is going, organize your spending and keep track of your expenses. This software allows you to attach scanned receipts, classify expenses by projects, record payments made, track payables, track stock purchases, create professional purchase orders, and send them to your vendors.
Profit Books allows you to automate your invoices by setting up a frequency for future bills. This feature is great for saving time when billing clients regularly (monthly, annually, etc.).
You can convert an estimate into an invoice, create delivery labels from the invoices, or email your clients PDF invoices.
All your bank accounts can access from one location. You can easily record cash withdrawals and deposits from one interface.
Unlike traditional accounting systems, you don’t have to worry about the debit credit effect. All the accounting work will be done as transactions are made.
6. Quick Books
Quick Books is a simple, easy-to-use and the best GST software. This cloud-based software gives you the ability to access your data from anywhere, anytime.
In India, the company launched a GST-ready version of its online accounting software. QuickBooks is a customized product for Indian small businesses. It claims that it makes it simple for small businesses to track their cash flow, create invoices and record expenses. The Online Bank Connect feature can also auto-categorize income and expenses.
QuickBooks Online lives up to Intuit’s reputation for providing the best accounting solutions available. It offers traditional accounting but is easier to use than its Desktop counterpart.
It offers many features and the accounting capabilities small business owners require. QuickBooks has an incredible number of integrations. They are improving their customer service (though we still wish to add email support).
The company has also developed a valuable project management tool, and electronic payment is a welcome addition.
7. MARG ERP9+
MARG ERP9+ inventory and accounting software are ready for GST. They can support your retail, distribution, manufacturing and payroll needs. MARG ERP9+ can also be downloaded as an app for mobile.
Retail Point of Sale software is specifically designed to meet the needs of small and independent retailers and large multi-store retail chains. The software’s sector-specific orientation is built with the latest technology to ensure retailers a ‘visible improvement’ in customer engagement by helping them source the correct product at the right time at the right price.
Accounting Software that allows you to finalize your accounts and balance sheet. It imports data from all inventory software, except bill creation & modification. You can also maintain customer accounts. You can file an e-return online, and all types of vat forms will be available depending on the state.
Other facilities include direct SMS of Bulk SMS Debtors, Creditors and Field Staff to any account group. In the email, there are also facilities to send email through SMTP like Gmail, Yahoo!, Hotmail Rediffmail, IBIBO, Rediffmail and Rediffmail. You can also send an email via outlook. For purchase import, you can even email a softcopy to the customer.
8. Gen GST
Gen GST is secure GST billing and e-filing software. SAG software developed this software. Gen GST allows unlimited client filing. This tool can only use to file tax returns.
SAG InfoTech PVT Ltd (Jaipur Rajasthan, India) developed the product. It is available in both desktop and online versions. The desktop version is based upon the.NET Platform, while the Online Variant uses a highly secure JAVA language.
GST returns can fill online. Payments can make via net banking, credit/debit card or bank wire. The software integrates with secure payment gateways to allow for secure transactions.
The GST software (Billing & Returns Filing) is OS-independent (Online), which means that it can use on any OS operating system.
Indian companies can create specific invoicing formats, including sales and purchase invoices, payment vouchers and refund vouchers. Credit/debit notes, shipping and billing bills purchase RCM, and other productive features of their billing software are also available.
9. Clear Tax
Clear Tax is developing new initiatives in addition to its main tax-filing app. There are many new projects underway. Clear Tax’s problems are real and impact many Indian businesses and individuals.
If you enjoy the idea of getting involved in product development from the very beginning, this is a great place to be. It is easy to use and compatible with Tally’s accounting program.
The deal was made more attractive by including a complete eLearning training package. You can learn more about GST and take small tests to verify your understanding.
Clear tax makes it easy to file your tax returns and invest in tax savings options. You can access the homepage right away. To maximize tax savings, they also offer CA-assisted tax filing services.
Cloud-based software makes it impossible to make mistakes and lose data. Access your data and returns from anywhere, anytime.
10. Software for Busy Accounting
GST Ready Busy is accounting software that integrates with QuickBooks for small and medium businesses.
It is easy to use and intuitive. The interface allows you to manage your finances, accounting, inventory, CST, and VAT reports. Busy provides POS billing, item barcode printing, fixed assets, depreciation schedule, and fixed assets.
There are three editions of Busy: Standard, Basic, and Enterprise. Each edition has a limited number of features. Basic and standard editions do not include payroll, web-based reports, data synchronization and multiple branch management within one company.
You can also manage post-dated cheques or budgets. Additionally, you can add images and notes to accounts and items masters to recognize parties and items during voucher entry.
The software records and processes business accounting transactions in functional modules like Financial Accounting (Multicurrency), Inventory Management(Multi-location), Production/Bill of Material, Sales/Purchase Quotations, Sales, etc.
This list of the Top GST Software in India will help to ensure that you are compliant with all your accounting requirements. Share your experiences with friends, and consider sharing this post via social media to reach even more people.
Benefits of Using GST Software
As the tax laws become more complex, and the quantity and frequency of transactions rises, companies are seeking to utilize the GST software. Let’s learn about the advantages of GST software.
1. Automation of GST Calculations
Automated GST calculation is one of the main advantages of using the GST software. GST software applies tax rules and formulae pre-exhausted into its system to return the accurate tax amount on a transaction. This helps businesses a great deal of time and money that would otherwise be used in attempting to compute tax implications and relating to the laws.
2. Streamlined Reporting
GST filing is of immense concern to many business entities especially those that deal with many transactions. GST software also helps in the preparation and filing of GST returns by providing prior data which in turn saves a lot of time to gather information and time to format that data. The software helps in capturing and presenting of all the required information in the correct format hence reducing on misses or mistakes. In addition to saving time, it also helps to stick to tax authorities.
3. Inventory and Financial Management Integration
The software can of course be linked with the business inventory and financial structures, which makes it possible to simplify the tracking of sales, purchases and amounts of GST. These integrations help to update the inventory as well as the account books using GST calculations, without the chance of having wrong figures.
4. Audit Trail and Transparency
Being one of the best GST software, it offers a record of all the transactions and the corresponding calculations made during tax purposes to the businesses. In his case the organization’s audit trial will be ready in case of an audit so that records can be easily retrieved reducing interference and penalties. Further, through GST software, various errors that occurred during the payment procedure are easily traced and rectified, thus raising the level of accuracy and legal compliance.
5. Compliance with Evolving Tax Laws
It must be noted that tax laws are not static, as there are always changes to tax rates, new/newly amended rules and new exemptions allowed. Goods and Service Tax is known as GST is thus has evolved in a manner that its software is able to accommodate these changes in a bid to ensure that the business complies with GST legislation on taxation. It is invested and updated automatically, because it gets rid of business that have to update manually and it reduces the chance of non- compliance due to outdated information.
6. Cost Savings
If you adopt GST software, you can save costs as it automates GST computations, retrieves reports and assists in compliance. Less penalties and errors/omissions mean less penalties and fines, likewise, compatibility of inventory and financial systems retains and allocates resources effectively. Also, it shows how the software can help businesses avoid legal pitfalls by updating them with recent changes in the tax laws.
Conclusion
Deciding on the most appropriate GST software that meets the needs of your business can be quite tasking especially given the myriad of software available for purchase. However, all the five GST software solutions discussed in this article are among the best in the market and can meet business requirements of the Indian market.
According to the research finding, some of the important considerations before choosing GST software to consider are whether the software is easy to use, whether it is functional and what the cost implications may be. Small businesses should exercise more diligence in selecting their GST software to avoid penalties and legal consequences.
