GST implementation has brought in numerous technological and taxation reforms in the country. Since its inception, businesses around the nation are on the look-out for reliable and robust tax filing solutions. GST mandates all the enterprises to produce invoices for their transactions which creates numerous hassles in their tax filing process.
A gst billing software can take care of all the filing aspects and ensure that you have a smooth filing experience. This software program is free to use and intuitive. It not only helps businesses to remain tax compliant but also helps them in focusing on other aspects of business growth, such as providing excellent customer service.
Various schemes implemented by the government have allowed small business to ensure lesser compliances as opposed to their bigger counterparts. Steps such as quarterly filings, ability to e-file taxes, and the option for select companies to pay a percentage of their annual turnover as GST can help businesses in filing their taxes efficiently and ensure higher liquidity.
Tips For Efficient GST Filing
GST was designed while keeping in line with the recent push initiated by the government towards digitisation. The culmination of finance and technology has ushered in a new era of convenience and transparency. Business can now file their taxes online, without requiring a single visit to any tax authority or a CA.
With increased transparency, comes increased ease of doing business. The increased compliance norms may also be an issue for non-technical savvy companies. However, the government has introduced various steps that can help taxpayers in ensuring tax compliance and filing their taxes seamlessly.
Every business is now mandated to file monthly tax reports unless you fall under the GST composition scheme and have the flexibility of quarterly filings.
If you own a business and are wondering about ways through which you can simplify and streamline your tax filing process, below are a few steps to help you in your tax filing journey.
Automate Your Financial Infrastructure
GST is calculated on the basis of financial inputs provided by the taxpayer. Automating your entire economic infrastructure can enable you to obtain all the data at the click of a button and help you in filing the taxes quickly.
Since all the aspects of your financial operations are automated, the possibility of an error is drastically reduced, and all the filing related data is available instantly, or whenever required.
Use A GST Billing Software
The gst india council periodically revises the GST rates. This creates issues for businesses to stay on top of the latest pertaining tax rates. Moreover, the tax calculation for various slabs brings another set of inconvenience for businesses.
Deploying a GST billing software can save you all the hassle and help you in filing taxes quickly and efficiently. This software can also help you generate GST compliant invoices that are stored in the database.
Check Eligibility For The GST Composition Scheme
If the turnover of your business falls between INR 50 lakh-1.5 Cr. (state-specific), you could be eligible to enrol for the GST composition scheme. This enables enterprises to follow a quarterly filing model, instead of the usual monthly filings.
There are various other benefits and disadvantages of opting for this scheme. Still, it sure can help you in ensuring that your business is tax compliant while adhering to lesser regulations.
Use E-filing, Instead Of The Offline Method
Opting for e-filing can not only save you a CA visit, but you also have the flexibility of filing your taxes right from the comfort of your home. A GST billing software can provide you with all the taxation data at the click of a button, making the entire process seamless and quick.
It’s absolutely certain that GST has immensely simplified the tax filing procedures for businesses. It has enabled companies to have flexibility in their tax proceedings. The culmination of technology and finance has opened up new ways that ultimately benefit the taxpayer.
These steps mentioned above can help you in simplifying your entire tax filing process and help your business in ensuring 100% compliance.
The GST is a massive reform and has an enormous impact on the taxation system of the country. Naturally, there would be a learning curve for taxpayers until they get familiar with all the aspects of this new and progressive tax system.