With the government prepared to implement GST with effect from 1stJuly, 2017, businesses across industries have felt the need of efficient GST accounting and compliance tool. As all the tasks associated with tax compliance would now be performed through the common portal of GSTN, businesses are certainly aiming to buy a robust accounting and compliance tool that can help them handle, manage, and monitor each and every compliance functions with utmost competence.
It has been speculated that once the GST is implemented in India, all the business houses and taxable entities would rope in outside GST compliance experts that can ensure robust accounting tool and strategic assistance to ensure absolute compliance. There are several business entities, ITeS companies, and accounting firms that have already sensed business opportunities, and they are working hard towards developing a highly advance GST accounting and compliance tools, and they claim that their compliance solutions can ensure a lot of strategic benefits to their clients exclusively. However, one must not forget that GST era would call for absolute compliance, and therefore, it is always a sensible task to pay attention to crucial features of GST compliance tool. Once you have paid attention to crucial features of GST tool, it would become easy for you to make informed business decisions.
Let’s discuss some of the features of a robust GST compliance and accounting tool.
GSTR preparation: This is certainly the most crucial feature that businesses just cannot afford to overlook. You must know that all the tasks related to compliance in GST era would be totally automated; therefore, it becomes quite crucial to ensure that the tool you have selected for your business firm can help you prepare return forms in the most expert manner. There are several robust GST compliance tools that can help you in filing returns and tracking the success/failure status timely. You must choose the tool that best suits your business specifications.
Reconciliation of invoices:Reconciliation would be yet another crucial factor during the GST era that can have direct impact on your Input Tax Credit. As per the new indirect taxation system, all the invoices uploaded by you as well as your vendors would be reconciled before tax is credited to your account. Therefore, you must pay attention to this crucial feature of compliance tool before you purchase any. This feature will also help you maintain good GST compliance rating. Therefore, you must see whether the GST compliance tool you have selected for your business has this feature.
Maintaining filing archives:This is yet another crucial feature that can help you refer to your compliance history as and when you want to. If the tool that you have selected for your business would not maintain filing archives, it would obviously become very challenging for you to verify your filing history as per the need of the time. Therefore, businesses must try to pay special attention to this feature of GST accounting and compliance tool.
E-payment:Last but not the least,you have to ensure that the tool you have selected for your business should ensure e-payment of all types of taxes. There are several GST compliance and accounting tools that have this in-built feature. These types of tools can assist businesses in making all sorts of payment with utmost ease. In fact, there are various tools that notify users whenever the last date of making payment approaches. By making use of these types of tools, you can easily ensure that you pay all the tax liabilities amount within the specified time frame efficiently. This would help you maintain good GST compliance rating as well.
In short, these are the key features of every robust GST compliance tool; therefore, businesses must pay attention to all these features before selecting the one that suits their needs adeptly.