The taxation framework in India is about to experience a radical shift once the GST (Goods and Services Tax) system takes over. One must acknowledge the fact that GST implementation in India shall confer multifarious benefits that would help taxpayers and tax administrators simultaneously in maintaining robust compliance. As this is a major attribute of a forward-looking, progressive nation, it is not at all an awry statement that India has already accelerated its march towards comprehensive glory.
However, we must know that all these strategic objectives can be accomplished only if we are adeptly-prepared to march into GST era immaculately. It is a well-known fact that GST regime calls for unmitigated automation of all the compliance related functions, and this is indeed a point of concern for most of the taxable entities in India. To respond efficiently to the dynamic taxation system in India, all the taxpayers, corporates, business houses, and accounting professionals would be in grave need of robust GST software that can facilitate automated accounting reporting, and return filing. As most taxable entities in India actually lack in-depth proficiency or expertise into restructuring their IT infrastructural set-ups, it becomes crucial to seek automated GST compliance solutions from competent service providers.
Let’s glean how through how automated GST compliance solutions can help you.
Seamless Integration with Your ERP: This is obviously the most admirable aspect of availing automated GST compliance solutions. You have to ensure that your Enterprise Resource Planning (ERP) software are seamlessly integrated with the new software that you have acquired for tax accounting and reporting purpose. Herein, a minor glitch in the technical aspects can have an impactful effect on your business reputation, and therefore, you must prudently seek automated GST compliance solutions from the experts who can ensure seamless integration of your ERP with the new accounting system. To ensure the same, various compliance experts are helping taxable entities across India by offering automated GST compliance solutions.
Immaculate Reconciliation with GSTN Portal: Reconciliation is basically the most crucial feature of any accounting software or application as it can have a direct influence on your eligibility to claim the tax credit. An expert compliance solution provider can assure you immaculate reconciliation of all the invoices with GSTN Portal. Similarly, an enterprise-class GST software can help you reconcile the data of your purchase registers with the database of GSTN in the most adroit manner. It is so obvious that only an expert compliance solution provider can actually develop such a software, and therefore, it becomes a prudent step to seek their help.
Precise Calculation of Tax Liabilities: Most of the accounting firms or compliance solution providers that are developing all-inclusive GST accounting tool are quite careful about the calculation methods they are using. They are efficiently capable to make scientific and advance GST calculator which can help you or any taxable entity calculate tax liabilities as per GST rates in India 2016/2017 with utmost precision. Moreover, their scientific calculators are programmed using geo-coding technology that can allow you taxable entities to pay special heed to all sorts of jurisdictional requirements as well.
Input Tax Credit (match/mismatch) Report Generation: During the GST era, you have to keep a close eye on tax accounting, tax history, tax reporting, due dates, and every commercial transaction that can attract taxes. Similarly, you also have to keep track of payment of taxes so as to develop clear picture on what is your tax liability and/or how eligible are you to claim for tax credit. A failure in report generation mechanism can actually expose you to some intimidating threats associated with non-compliance. Herein, automated GST compliance solution providers can help you by generating Input Tax Credit (match/mismatch) report timely.
High level of security, scalability, and agility: Last but not the least, taxable entities have to comprehend the fact that their data associated with sale, purchase, supply, or any commercial activity are quite sensitive in nature, and therefore, they must vouch for highly secured architecture. Plenty of competent GST compliance solution providers offers cloud-based GST software with 99.9% uptime. Additionally, their offerings and quite scalable and agile that can help you maintain the momentum of your business progress while being least bothered about the indirect changing taxation structure.
In essence: Automated GST compliance solutions can ensure zillions of strategic benefits, and therefore, you must opt for it.