The technology plays a vital role in the Goods and Services Tax Act implemented in India almost nine months ago. Also, the success or failure of the regime depends on the robustness of the technology. The indirect taxation regime has changed the way people used to do the business in India. Previously, due to the multiplicity of taxes, the taxpayers weren’t able to comprehend well with the payment of applicable tax. Adding to the taxpayer’s hardships, the implementation of GST in India became no less than a daily tax hustle for most of the businesses.
Fortunately, the IT sector has been waiting in the wings to streamline the implementation of the new taxation regime in India. As of now, millions of taxpayers have started taking the assistance of the hi-tech taxation software for the compliance with GST. Although, it is not for the first time that the people are taking the assistance of the technology for the tax compliance in India. Back in the 90s, the technology used to be the main tool for the taxation department to administer the taxes. And now, 21st century marks the arrival of both the unmatched technology and Goods and Services Tax Act in India. Here’s how The GST software demo India helped the baffled taxpayers:
- Compliance within minutes- The smooth integration of technology with GST not only resolved the compliance issues of the businesses but also reduced the compliance cost. As a registered taxpayer under GST, you are required to:
- File 37 returns in a year.
- Claim the tax paid on the inputs.
- Pay GST every month to the government.
However, the compliance with these processes might seem like a piece of cake but actually requires flinging yourself into the process. Hence, the robust technology and timely assistance of the software makes the entire compliance hassle-free.
- Streamlined returns- The GST return filing procedure has a lot of hindrancesthat make the regime sluggish. If you’d try to file the returns on the manual basis, then chances are quite high that either there’d be an error or the technology will falter.The GST software demo India makes most of the processes automated. You would once be required to update the invoices. Further, the software would retrieve the prior information and you wouldn’t be required to re-enter the details.The software extensively helps in the reduction of the time and money consumed in the return filing process.
The Goods and Services Tax is done flawlessly when integrated with an unmatched assistance of a GST software. And with so many options available in the market, you could easily pick one as per your business’s requirements.The more businesses will effectively start complying with the indirect taxation regime, the more simplified it will become. The businesses would only have to avoid adopting any fraudulent measure in order to escape GST. The regime is not as difficult as it seems. With a little bit of effort and the right guidance, GST could be complied with correctly.