India has been the largest consumer of goods and services in the world. Due to the increasing population, the need for consumable things has also been increasing. And since the implementation of the Goods and Services Tax, the manner of consumption has changed. Anything that you buy or sell, in one way or the other, revolves around GST. This makes the sale/purchase procedures lengthy. But things gradually started getting streamlined in an interesting way by few private organizations, not the government.
Some genius mindsets of the IT world decided to take the taxation to the next level. And the time when in which people were only relying on the government faded easily when they started taking the assistance of GST tool. The tool carries the capacity to resolve all the problems that occurred on the initial stage of the GST roll-out.
Here are some of the sturdy ways through which the tool reduced the squabble and struggle of GST:
1. Enjoy systemized taxation: As the Goods and Services Tax is an end-to-end taxation system, it gives the right outlook of the company’s productivity and functioning to the financial authorities as well as the other businesses in the market. And the tool integration with new taxation regime have done no harm but increased its credibility and usability amongst the taxpayers of the nation. The Goods and Services Tax also puts an end to the multiplicity of taxes which again brought ease in the revenue collection.
2. No more stressing over multiple return filing: The advantageous technological approach towards the new taxation regime in India assures nothing but a simplification. As per the rules and regulations of GST, the return filing is segregated for the government’s ease to understand the cash flow in the nation. The technique of multiple return filing gives a space to the defenders of taxation a panoramic view of the tax collection. But during the initial stage, this technique of filing returns 37 times in a financial year was beneficial for the government but tedious for the filers. Working like a charm, the advanced taxation tool simplified return filing as well. With the help of GST tool you can:
- Plan your taxation and return filing for the entire year.
- Get GSTR forms filled automatically.
- Retain all the documents securely.
1. Errorless calculations and invoice preparation: While you are complying with the Goods and Services Tax, the highest possibility of you making mistake is while preparing the invoices or doing GST calculation in India. These mistakes are unavoidable as under GST you are required to show it all. And by showing all it means keeping in front the invoice of every sale/purchase invoice. Such action assures that there is no tax evasion, which is the ultimate goal to implement GST. Also, due to the different tax percentage slabs, the calculation becomes difficult. Resolving all these problems, the taxation tool comes handy with a tax calculator. It’s additional functional assures that you prepare invoice as much as required without any error.
2. Maintain distance with the upshots of exemption: The government, witnessing the dispersion of small businesses in the stream of the new taxation regime, exempted few businesses. These businesses have a very unstable and fragile core. You couldn’t possibly afford hours of time if you are involved in a business related to agriculture. Even the businesses like handicrafts, which require dynamic human caliber, leaves the person very less time to comply with tedious processes of the taxation regime. So the government freed these businesses from the regime. But no matter what, you would encounter at least a service or two that are exempted while doing business. And then the calculation will suffer again. With the taxation tool, the businesses exempted automatically get highlighted the moment you put them in the system. Hence making taxation easier.
Lately, the government has been coming up with the measures to make the regime more streamlined and even turned some of them into reality. Some of the developments include the allotment of breather period to MSMEs. Many micros, small and medium enterprises have been pushed down with the pending loan repayment procedures. Due to the complexities of GST like multiple return filing, these businesses were helpless in fulfilling their loan repayment needs unless the government provided a temporary relief.
Read Also: 5 Ways to Prepare your Business for GST
Yet more to be achieved
Until the regime gets completely evolved, its end results won’t be visible. With time-to-time update of the regime by the government understanding the problems of those complying with it will make the regime invincible. However, the rapid developments in the Goods and Services Tax Act have brought the vision closer than expected. And soon the result will be visible big and bright.