The current taxation system in India has brought some complexities in the people’s lives, mostly those who are involved in the business. You must be aware of the fact that the new regime makes the taxation unified, streamlining and covering all the taxes that existed during the older taxation system. Similarly, it also brings more efficiency in the process in which the businesses were doing taxation earlier. But the Goods and Services Tax model thoroughly relies on the technology in order to showcase its full potential.
What problems did the taxpayers face?
The complete overhaul of the taxation regime absolutely struck the people a bit hard than expected. Here’s how:
1. A complete set of new rules:
Suppose a situation in which you are going to the store to buy food and suddenly you aren’t allowed to do that anymore. Instead, you are advised to order online. For obvious reasons, it will be convenient but first, you will have to understand the process. The same thing happened with the taxpayers as they were pushed to approach a brand new technique and do the taxation.
2. Everything goes digital:
Earlier, the taxation involved papers, documents, bills, invoices, which still exists in the new system, but it had a feeble presence of the technology. And now everything goes on the GSTN with your PAN card to every sale/purchase invoice you make. This made everyone’s taxation process decelerate.
Now that the taxation system had become destination-based, the people struggled to comply with GST as it involved finding HSN/SAC codes. Without that, your transaction/invoice becomes unauthentic under GST Act. This particular feature of the Goods and Services Tax added an extra load on the shoulders of the taxpayer of the nation.
Although the GST implementation completely assures multiple new opportunities for both, the government and the industries, its compliance has surely invited some unavoidable teething troubles for the nation. Since the new taxation system has digital nature of processing and working, the solution to all the problems linked with GST lies within the bounds of the technology only. And this statement is technically justified if you since the GST implementation, have heard about the GST compliance tool and how it is extremely beneficial for the taxpaying routine as per the latest rules.
How GST compliance tool helped the taxpayers?
A GST tool basically reduces the tediousness of the new taxation process, thus completely eliminating the multiple steps that are required if a person himself tries to comply with the regime. And GST also involves prior registration to get a unique GSTIN number as per GST registration rules. A GSTIN number defines your business and maintains its uniqueness under the overall GST network.
In addition to the toughness of the regime, the return filing in GST requires a person to fill multiple forms in a financial year. So, resolving all the problems and making the new taxation regime both time and cost-effective, the GST tool serves the people at its best. Here are some of its advantages:
1. A flawless interface- The best part of using a software to comply with the latest taxation regime is the fact that it comes with a user compatible interface. Even if you have a minimum knowledge of technology, then also you will be able to understand the concept of the software because it is made easy-looking buffed packed with the information.
2. Upload/download- As GST requires the taxpayer to submit all the documents in the case of the user registration and submit all the invoices in the case of return filing, the GST compliance tool makes the process convenient. You are only required to upload the soft copies of the documents and the rest of the processing is authentically handled by the software leaving your focus unoccupied to be used in the core activities of your business.
3. Tax compliance rating- Under GST regime, the tax compliance is a must. It displays your performance in doing taxation. And the reason it is compulsory is that whenever you will try your business to indulge in partnership with some other entity or plan to expand, the only thing other businesses will scrutinize is that how well you have been complying with the rules of GST and paying your tax. Because no one would partner with a business already in a sinkhole with a bad image in the market. The tool makes the process straightforward and gets your ratings within no time.
With the major prospects of the Goods and Services Tax being fulfilled by GST compliance tool, you can conveniently comply with the new taxation regime or adopt it if you haven’t yet. The technology is a good fortune which everyone should try to take the advantage of.