Look for in GST Filing Tools

Goods and Services Tax (GST) returns filing in India is a complex process unless it is conducted under the right guidance. Manual processes consume plenty of time and may result in errors. These errors may result in a penalty or notice from the GST authorities. This is why GST filing tools are useful. The correct or best GST software can even automate the process, enable you to keep pace with the laws, and allow you extra time to develop your business. With so much on offer, how do you decide on a good one? This blog aims to point out some of the significant features that you should check in GST filing software to help you make the right decision.

Why Invest in a GST Filing Tool?

Having a dedicated GST filing software can make a big difference to your business. Though the official GST portal provides some fundamental functionalities, businesses with large numbers of transactions tend to find it challenging to comply. Specialised GST filing software provides some benefits that enhance efficiency and accuracy in tax filing:

  1. Increased Accuracy: GST filing software is able to carry out calculations automatically and double-check data against errors. This step is carried out automatically, so there is no chance of error due to human data entry. Proper GST returns prevent high-priced errors, which may call for an audit or penalty.
  2. Time Savings: It saves your employees a lot of time by automating the trivial tasks—data entry and document preparation. This encourages productivity and allows employees to focus on business-critical activities, leading to better overall efficiency. Instead of spending time on repetitive work, businesses can allocate time to strategies for growth.
  3. Improved Compliance: Proper and timely GST filings are essential. GST filing software simplifies it so your filings are correct and timely. Reduced errors and timely filings decrease the likelihood of notices and penalties from the GST department, saving your business’s reputation and money.
  4. Effective Management of Data: GST filing software offers you one system with which to manage all your data pertaining to GST. Your transaction records will be easily available and easy to interpret at any point in time. You can make real-time reports and insights on your tax burdens, which aid you in making informed business decisions.
  5. Less Stress: It is stressful to keep a record of GST laws, particularly when you are not used to tax legislation. Having a peaceful mind that your GST returns are correct and on time can relieve so much tension from your shoulders. You will be able to concentrate on core business activities without worrying about compliance problems with a trustworthy tool.

In short, an investment in GST filing tools can revolutionise the way your business manages tax compliance. Greater accuracy, time saved, improved compliance, efficient data management, and less stress, these tools make GST filing easier and create a neater, more efficient business.

Key GST Filing Features to Look For

Now let’s talk about key features you’d like to look for when choosing GST filing tools:

  1. Total GST Form Support: The ideal GST tool should be able to support all GST forms that you require, i.e., GSTR-1 (outward supplies), GSTR-3B (summary return), and GSTR-9 (annual return) in addition to other supporting forms. Make sure the chosen tool is updated from time to time to accommodate any GST form changes or regulations. This is the bare minimum, and any tool that does not have complete support for forms needs to be ruled out immediately.
  1. Automated Data Reconciliation: It is a key GST filing feature that matches purchase invoices with input tax credit (ITC).  A good GST tool must automate the matching, comparing the purchase invoices you upload against the invoices your suppliers upload on the GST portal.  This feature enables you to spot discrepancies and claim the right ITC. Reconciliation is a tedious and prone-to-error activity; automation is the way to go.
  1. Offline and Online Features: Although online connectivity is necessary to view the GST portal, having offline capabilities would be beneficial to enter and prepare data. A software package where you can work offline and then upload data at your convenience when you are online is more convenient.  This would be particularly convenient in locations of poor internet coverage.
  1. Import and Export of Data: Having the ability to import data from your current accounting program or ERP system is important in order to transition seamlessly.  Likewise, having the capability to export data in multiple formats (e.g., Excel, CSV) is useful for reporting and analysing data.  Seek tools that provide easy integration with standard accounting software.
  1. Secure Data Management: GST data is confidential and sensitive. Make sure the GST tool you are choosing provides strong security to guard your data against unwanted sources. In terms of functionality, make sure there is backup, access control, as well as data encryption. Data protection should be a high priority for you.
  1. User-Friendly Interface: A cluttered or confusing interface can make GST filing even more challenging.  Pick a tool that is easy to use and has a simple interface. It should be easy to navigate, even for people who are not tech-savvy. Good user experience is paramount to effective usage.
  1. Real-time Updates and Notifications: The GST environment is dynamic with constantly changing rules and regulations time and again.  Your GST software must inform and update you in real time regarding the changes so that you are always up to date and in compliance. This keeps you informed of the occurring events and not held responsible for any penalty.
  1. GST Filing Automation: Automation is a GST filing game-changer. Look for software that offers features including automated GSTR-1 and GSTR-3B filing, automated ITC reconciliation, and automated error detection.  GST filing automation minimises manual intervention and substantially reduces the possibility of errors.
  1. Reporting and Analytics: The ideal GST tool would have enhanced reporting and analytics. It will enable you to monitor your GST filings, examine your ITC claims, and detect possible problems.  Good GST management means having good reporting functionality.
  1. Support and Training: Select a vendor with great customer support and training.  This is particularly critical if you’re a new GST user or if you’re experiencing problems with the software. Good support saves you time and headaches.
  1. Scalability: As your company expands, your need to file GST will too.  Select a GST tool that will expand with your company. It should handle more data and transactions as your needs increase.  This is critical for long-term use.
  1. Cost: GST filing software is offered at different prices.  Select a software that offers the features you require at a price you can afford. Avoid the lowest; functionality and dependability are more important than cost.
  1. GST Tools for Professionals: If you are a chartered accountant or a tax professional, find GST tools that cater to professionals.  Such GST tools have features like bulk filing, multi-client management, and reporting.  GST tools for professionals make the process of dealing with GST compliance for different clients smooth.
  1. Integration with E-way Bill System: For companies engaged in goods transport, seamless integration with the e-way bill system is essential.  An e-way bill GST solution integrated with the e-way bill portal can make e-way bill generation and management easy.
  1. Mobile Accessibility: Mobile accessibility is a must in today’s fast-paced world.  Select a GST tool that has a mobile app or mobile-enabled interface so that you are able to view and control your GST data from anywhere at any time.

Read More: Key Highlights of the 55th GST Council Meeting

Conclusion

Choosing the right GST software is very important for making your business efficient and compliant. By carefully reviewing the GST filing features, you could make a smart choice that fits your specific needs.

Be sure to compare different options and look at their features and prices. Also, read user reviews before deciding. Investing in good GST software is an investment in your business’s future. It would save you time, reduce errors, and help you stay compliant with changing GST rules. Don’t wait until the last minute; start your search today and find the best GST software for your business. This will simplify your GST filing and free up your resources to focus on growing your business.