The step was taken by the government to re-shape the 2.3 trillion dollar economy of India was historic due to the implementation of the Goods and Services Tax which is popularly known as GST. The GST was implemented on the midnight of June 30, 2017, enforcing it in the first hour of June 1, 2017. The GST is an indirect tax to be paid by the business owners to the government of India. On every step of sale, GST has to be paid, but it is to be noted that it is re-paid to all the mediators except the end consumer. The Goods and Services Tax council of India decides tax rates and also drafts rules and regulations regarding GST. GST council is governed by Union finance minister and finance ministers of individual states. There are five tax slabs in GST. With the introduction of GST, the multiple taxes that were being levied were all abolished, and a countrywide central taxation system was established.
For the ease of customer and efficient taxation, the government of India established Goods and Services Tax Network (GSTN) which is developed by Infosys technologies and maintained by National Informatics Center.
GST and software
The central government network has the ability to be used by every stakeholder but to provide better facilities to every person who is associated with GST private companies have now developed different software are filled with facilities. To do efficient accounting GST India one must use such software because everything is available on one system and one is not required to visit different places to file just one tax. This software has the ability to synchronize a person’s bank account and then provide the total taxable income. Earlier it used to happen that the business owners who have different banks accounts were required to download yearly statements from the bank’s online portal after logging in. But, now even if you have multiple bank accounts you will not have to login in each of them to go through the income and expenditure. Here comes the role of GST software, the GST software has an ability to synchronize each of your bank accounts and hence the cumbersome job of logging into every bank account is totally eliminated.
Everything happens online
Using GST software a business owner or a business employee can share real-time account data and bills with their customers or concerned stakeholders. One does not have to print everything and put it in an envelope then wait for it to be delivered to the customer, just one click and the account data is shared right away.
If you are a business person who holds a company dealing with finance, then every employee and executive can look at their figures and performance right away. The competition between employees to perform better is fairly appreciated, and it is a win for business because of obviously more work more business.
The GST software available in the market has the ability to transform the business in much efficient manner.