Taxpayers are prepping themselves as the due dates for filing GSTR-9 are approaching. Small Business owners are particularly looking for the best GST billing software to adapt to upcoming changes. Above all, the effects of goods and service tax on small businesses in days to come is still a question mark. However, companies must instead look for uniquely featured online GST software to remain flexible. The ongoing economic crisis due to COVID-19 has led to various complexities in tax compliance. For instance, current GST returns filing includes creating multiple tax returns, claiming for returns, etc. Thus, filing returns timely has become a significant issue for taxpayers. Using invoicing software combats delayed tax payments, difficulties in filing returns, and other tax compliance problems. Groflex enables taxpayers and business owners to create GST-ready invoices effortlessly. It helps in instant GST returns filing, GST reports generation, and effective management of accounting data. Here, you will find the essential features that your invoicing/billing software for GSTR-9 must have.
What is GSTR-9?
GSTR-9 is a statement to be filed yearly by taxpayers registered under GST. The form includes secured details of supplies made and received under CGST, SGST and IGST. The GST form also consists of the tax payable and ITC claimed for the financial year 2017-18 and 2018-19. Taxpayers must file the secured details from July 2017 to March 2018 and 2018-19, respectively. The GST returns filed by taxpayers must include various forms based on annual turnover and GST registration type. Different GST returns form applies to different businesses.
- Regular taxpayers filing GSTR-1 and GSTR-3 must file GSTR-9.
- Taxpayers registered under the GST composition scheme must file GSTR-9A.
- Taxpayers with annual turnover above INR 2 crores during the financial year must file GSTR-9C. They are also required to file a copy of audited accounts, reconciling tax paid, and compliance details. That is, with respect to tax payable concerning the audits.
Who Should File GSTR-9?
Taxpayers registered under GST must file GSTR-9. However, the following category of taxpayers is exempted from paying taxes.
- Taxpayers registered under the composition scheme
- Regular taxpayers
- Non-resident taxpayers
- Taxpayers who pay TDS
- Input service distributors
To automate your GSTR-9 return filing, subscribe to Groflex.in. You can zip all your invoices in one click and export GST directly by mail.
Features to Look For in Billing Software for GSTR-9 Filing
1. GST Ready Invoices & Reports
Taxpayers are required to file GSTR-9 returns according to the standardized format. The standardized invoice format usually includes the following details:
- HSN/SAC Codes
- GSTIN of both supplier and recipient
- Different tax forms applicable under GSTR-9 (CGST, SGST, and IGST)
- Applicable rates for GST
Manually filling GSTR-9 can be prolonged and complicated. Instead, GST billing software enables business owners to create GST-ready invoices that rid them of manual errors. Invoicing software also helps businesses increase their financial performance. A cloud-based GST billing software enables taxpayers to create, send, and access invoices from anywhere. Likewise, taxpayers can also create annual GSTR-9 reports. It enables them to import their accounting data from the software. It, in turn, helps them create GST and accounting reports in no time.
2. ITC Reports
Taxpayers filing GSTR-9 returns are also required to claim ITC for inward supplies tax. An online GST invoicing software enables taxpayers to accurately calculate input tax credits via ITC Match/Mismatch report. It helps them match the records and take action accordingly.
3. Cloud Technology
One of the vital features of GST billing software includes the cloud-based system. It enables taxpayers to access and works on their accounting aspects from anywhere. The following elements of a cloud-based system help taxpayers rid of getting stuck in their desks:
- Customized invoices
- GST and accounting reports
- Data management
- Expenses tracking
4. Automated Calculation of Taxes
Billing software for GST enables taxpayers to calculate the tax liability and applicable rates for GST automatically. Timely tax payment becomes hassle-free with accurate calculation of tax payable. GST billing software automatically calculates the tax number of particular invoices concerning applicable rates. All in all, the implementation of a cloud-based accounting system saves time and eliminates errors.
5. Security
Data security is a prominent feature that business looks for when they plan to go digital. Taxpayer information is extremely confidential, and misuse of the same can lead to critical consequences. Ideal billing software for GST is built with standardized security for all the accounting and business information. Some invoicing software also offers password protection, backup, and anti-virus protection. Furthermore, online invoicing software must also provide encrypted features to secure banking information.
6. Affordable Packages
Before making a final decision to buy GST billing software, taxpayers must always look for relatively reduced subscription packages. Different software operates based on various licenses. Thus, taxpayers must first decide whether they require an online or offline version of billing software for GST. Choosing an ideal software following the business scale and business requirement thus determines the success rate.
7. Round the Clock Customer Support
Not many billing software for GST offers 24*7 customer support. Invoicing software that provides excellent customer support is necessary to solve the complex GST return filing procedures Moreover, India’s government has frequently been amending the law to improvise the GST structure. The GST billing software updates itself accordingly. Thus, they must provide excellent support to help taxpayers understand the new systems and structures inculcated. It is also a basic necessity for taxpayers to understand the know-how of the software. Expert customer support includes a 24*7 help desk facility, where taxpayers can reach out to professionals for guidance.
Conclusion
At Groflex, we believe the implementation of GST is an overall growth opportunity for businesses. Thus, we strive to understand the needs of various business aspects to keep our GST billing software updated accordingly. Our support team is always out there to timely resolve your accounting issues. Our GST invoicing solutions are updated under current laws and amendments. Check out the tutorial on creating invoices with Groflex to know more. Start a 14 days free trial to explore the unique features and invoice templates on Groflex.
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