After the implementation of GST, the tax calculations have become a daunting task for businesses. Different products have different tax rates and that’s the reason, people are still unclear about GST rates. Due to the difficulties faced by the common population of India in the calculations of GST, the Government has appointed ASPs to create a GST software that offer several advantages including invoice formats, tax rates of different products and so on. In this post, we will give you a brief idea of the advantages, GST software provides to the businesses running in India.
- Sales Invoicing
GST Software can be used for multiple uses out of which one is sales invoicing. It can be used to create and bulk import the different types of sales invoices. It also offers you to modify the settings according to your own business such as company logo, start series and prefixes. You can save your contacts and generate invoices accordingly.
- Invoice Generation
Another important difficulty that almost every business is facing after the implementation of GST is to generate the invoices. Scalable GST software not only provides your different invoices formats but also help you to fill the invoice according to the GST compliance. A software can develop, export, bulk import and print the invoices at once.
- Bill of Supply
A bill of supply is mandatory to generate if you are registered under the GST or in case you are selling the exempted goods or services. On the other hand, if you have registered under the composition scheme, you are required to generate the bill of supply. In such cases, you’re neither eligible to charge tax from your customers nor you can show the tax on your bill. A GST software is capable of generating such bill of supplies with appropriate formats.
- Credit Notes or Debit Notes
A credit note or a debit note is required in cases when you have already issued a sales invoice but it needs a little modification in the taxable values or tax amount of the supply of goods and services. Checking the tax rates, sales invoices, modifications in the tax rate or amount can easily be done by using a GST software form a reputed source.
- Advance Receipts
Advance receipts are those invoices that a business receives as an advance amount against a future supply that has to be done. The businesses have to pay taxes under the GST on such future supplies. A GST software is capable of generating such advance receipts and also keeps a record and reminders of the same.
Although a GST software is capable of performing all the above mentioned jobs, you need to make sure that your software is updated and properly maintained. After all it’s just a software and a channel to simplify your daily tasks according to the new taxation regime. Before purchasing a software, it’s advisable to go through the details and ensure that you get it from a reputable ASP out there.