Friday, September 1, 2017

How software technology can be leveraged to deliver sustainable GST solutions

Goods & Services Tax – Controversial Topic
The switchover of the Goods and Services tax – GST after being rolled on July 1 by the Government of India, has become a controversial topic for corporate of all denominations. Together with its submission, the same is under microscope leading business to take assistance from technology and tax software providers with the skills in their field of work, the software industries have begun rolling out GST specific products.

 The tools that are provided are being utilised by businesses for enhanced conformity of the newly revised tax regime. With regards to the corporate, companies are having issues of rapid reaction to GST. However, their lack of knowledge together with experience has made it a tiresome job for them in making a choice of which among the various option to exercise, which has resulted in confusion and disorder in the unskilled companies.

Several of them are also not aware with what tax-solution providing software tends to do. These software products are said to be total business management software assisting a company in keeping track of all departments as well as maintaining an account of everything in the business. The following tips are guidelines by Pavan Peechara, director at Udyog Software on how software technology can be leveraged in delivering sustainable GST solution:

1. HSN – An Interesting Feature 

A tool to offer a supportable GST solution should comprise of the HSN loop up feature wherein this type of feature enables the user to navigate products with a HSN code via a HSN lookup. This is turn assists in simple identification as well as categorizing of business together with their goods or services.

2. Cost Effectiveness for Enhanced Efficiency 

Similar to most of the software, the GST software needs to also facilitate cost effectiveness by offering the users with an economical cost quotation which tends to take more care of the complete cost effectiveness of implementation and meeting submissions.

3. Easy billing through automated filing 

Software providing HSN look up tends to make it simple for calculating tax classification and percentage of it which needs to be levied mechanically. Features such as these tend to make it easy in processing bills thus reducing human errors.

4. User friendly software guarantees optimum adaptation 

One of the most significant characteristics of employing software in a business is the level of user friendliness it provides in its easy operations. The outcome is in quick learning and operational ease and hence the software should be user friendly for easy variation.

5. Filing of complex tax forms with one click

Mechanization features need to be delivered by these software since it reduces the hassle of paperwork together with filing as it is taken care of by direct uploading of online tax filing procedures.

6. Innovation & technology as main organizers 

Technology has been a segment wherein the innovation is its livelihood and tends to be a priority. It tends to go through various R&D in order to outspace the outdating. A company should be aware of adapting to the software which seems best in meeting the requirements of the company and itself. It means that it should be capable of meeting new tax slab incorporation or changing of slabs.

Before the selection of a GST submission solution, one needs to use the time to take stock of one’s business together with its operation

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