GST stands for Goods and Service Tax; the Indian government has introduced GST on early 2017. The GST act passed in parliament on 29th March 2017, it came into effect three months after on 1st July 2017. Before GST there were many other direct and indirect taxes on good like VAT and excise duty. Goods and service tax law is an indirect tax system which erased all those taxes on goods and applied only one indirect tax. GST law in India is an inclusive, multi-stage and destination based tax that is charged on every value calculation. In simple word, GST is one indirect tax for the entire country. It is expected to bring a huge change in the economic health of the country, and that is why the government has implemented it amid the huge controversies of industries and other sectors. However, for a common man there are still many points that need clarification but as far as the filing of GST return is concerned the software developers have created some of their masterpieces which can help the small to medium as well as large businesses in various forms.
GST software
After GST came into existence, many software companies started making GST software. With that GST software, companies can prepare their total GST valuation, and also it helps to maintain many other accounting related works. Now there is numerous accounting software on the market. There are different types of companies out there; each company requires a different type of accounting work. According to their necessities, they can choose the perfect GST software to calculate the GST. Though there are few things, a company should look for in accounting software. The features include whether the software can handle the foreign exchanges. Whether the accounting software has a system to record and manage what customers are buying and how much they are buying and the total GST amount on those goods. If there are options to track the orders, jobs and existing stocks, etc. There is both online and offline based GST software; each possesses advantage and disadvantage. A company should choose the software according to their terms and accounting system.
GST return filing
With GST, online GST return filing became necessary. All the businesses and companies under GST act should calculate their total GST including all the goods the sold and the exchanges they had and services. They have to submit a detailed report and pay the calculated GST amount to the government. There are different types of GST return according to the periods. For example, there are GSTR-1, GSTR2, GSTR4, and GSTR-10. There is 11 type of different GST filing options in total. The company can choose any9one to return their GST amount in the 20th subsequent month, 31st December of the next financial year, etc. To file a GST return, one should go to government’s official GST filing website www.gst.gov.in. From suppliers, manufacturers, consumers all have to do GST return filing every year and that too at a regular interval.