India has kept moved its pace ahead very swiftly with the introduction of GST. The GST council along with the GST Network has come up with an appropriate solution for recording all the invoices at one place effectively for the paying taxes. Many taxes are cut short and everything is summed up into just a single tax, that is GST. The full form of GST is Goods and Services Tax. It has become mandatory to file GST return.
Generally, GST return are those documents that are filed with the concerned department mentioning every single information that is required to be stated under the law. Every business who is registered for GST, has to file its GST return online. This can be done via a GST preparation software.
If the business turnover exceeds 20 lakh rupees, then it is mandatory to get registered and file three monthly return, that is GSTR 1, GSTR 2 and GSTR 3. There are many norms and compliances to be followed and every registered business should take care to meet the necessary requirements.
Steps to file GST return online:
It could be a hectic process to file a GST return with all the regulatory requirement of multiple sourced data matching imposed by GSTN. A GST preparation software hence becomes a must and there are usually three steps to get it filed online:
â€¢ Upload invoices: Under the GST law, every business who is registered needs to upload the invoices online on the GST portal. Invoices should be uploaded on a regular basis to keep a correct record of it and for future references as well.
â€¢ Filing of the three GST return: Outward supplies return, inward supplies return and cumulative monthly return are all needed to be filed. This should be done very carefully and without any errors absolutely. GST preparation software is essential to do this task without any mistakes as the GST return cannot be amended later on.
â€¢ Matching of invoices: In the GST reporting system, every invoice is matched with reported invoice uploaded onto the GST Portal to find if there are any differences. There should be editions and modifications done in case of any differences because a single mistake can lead to a lot of confusion and errors.
A must have features of GST compliant software:
You can get a GST preparation software purchased to efficiently carry out the process of GST reporting. One needs to look for immense security in a software because of the growing risk in the digital world. There can be viruses and frauds taking place. Hence, security should be checked thoroughly. Also, the GST preparation software should have adaptability to multiple platforms and must be easily accessible on tablets, desktops and mobile phones. Flexibility and cognizance are two other prime factors in any GST preparation software that will make GST reporting a simple process. Flexibility is an important aspect because there might be a need to make certain changes in the format of the GST return. Cognizance is essential because the GST preparation software should be always updated about the latest amendments and the required procedures. All these factors together make the software worth using and simplifies the process of filing GST return.