GST Tool: Why is it Important for Businesses

Jennifer Aniston · July 7, 2017 · Short URL: https://vator.tv/n/49d1

Every business should have an automated GST tool that can help in various GST calculations.

GST is a major taxation reform in our country that is expected to bring positive changes in terms of our nation’s growth and economy. It is assumed that the new tax landscape will upgrade the way businesses are carrier out. The industries and businesses should quickly gear up and carry our GST impact analysis on a serious note. This will help them to get prepared for the new taxation system and also contribute in our Indian economy. It is, however, important to have proper understanding of GST rules and regulations before jumping into it. Though there might be professionals to help for the accounting of calculations involved in the new tax regime, every business should have an automated GST tool that can help in various GST calculations. Let’s discuss the importance of such automated tools in the calculations based on GST.

Basic Business Analysis Tool 

Basic GST tools can help businesses in the impact analysis to determine the profit, loss, revenue generation and tax deductions under the GST regime. Whether you have a small or a large business, GST tool is the basic need after the implementation of GST. It not only helps in calculating the taxation values but also automates the entire process so that you can fetch the information accurately and conveniently. These tools help business in avoiding the complications that usually arise during the tax-related calculations.

Advanced GST Tools

Another option that one can choose for the business and tax related-calculations is the advanced GST tool. These advanced tools are designed to reduce the complexity involved in the new taxation system. It can help in various ways such as it can be operated in more than one state, keep a record of number of time the import and export of good and services, perform stock transfers across different branches, and carry out transit sales. These tools can also undertake high sea sales transactions and are able to supply SEZ units. All you need to do is purchase a robust GST tool and obtain a detailed impact analysis report that covers following aspects:

  • In-depth business analysis
  • Calculations based on business revenue
  • Calculations based on input and output tax credits pertaining to stocks
  • Highlight the impacts on ongoing contracts
  • Provide invoices to be issued under the GST regime
  • Keep itself updated for the new accounting system

Other Services

After the implementation of GST in India, though one can find several GST tools that are available online, it’s advisable to choose one that give you professional services with respect to GST impact analysis to clients such:

  • Contract Review: The automated GST tool should be able to analyse the ongoing and proposed contracts and can even suggest he changes that might b requited to safeguard the client interests.
  • Update Accounting Software: A GST tool should be capable enough to update the accounting software automatically as and when required. It help industries to show their clients that how smooth their business is running.
  • Document/ Invoice Format: Under the GST regime, it’s mandatory to upload invoices and so the proper format and documentations plays a vital role in terms of charging and claiming tax. The advanced tool must have the proper invoice formats to simplify the work of every month. 

The Bottom Line

GST tool not only help in the complex calculations of GST, but also gives you automated invoice format to simplify GST tasks for every month. All you need to do is train your team for the same. You need to give proper trainings for the automated tool you‘re going to use for your industry use. Compliance becomes easier after adopting such GST tools which can eases your work and monitor the changes that made by you.  It is, therefore, advisable to choose a GST tool that help you in the calculations of new tax regime and in various other GST related tasks.

Support VatorNews by Donating

Read more from our "Trends and news" series

More episodes