Like millions of the taxpayers in the nation, you might also find the Goods and Services Tax to be hectic and time-consuming. And it actually requires going into an overdrive in order to just do it right. Concentrating on the businesses has become a great challenge for the people all over the nation. Especially, the small businesses associated with the regime face the problems more than the large-scale businesses. With that said, the taxpayers, from the beginning of the regime’s implementation, have been trying to find alternatives to avoid direct compliance with GST.
But have they figured the right approach? Well, after the hassle of GST implementation, the technology became a partner of the people easing their taxation. As of today, millions of Indians take the assistance of the software providers to avoid investing more on the taxation part of the business.
But if you are against alternatives, this achievement might not fascinate you into investing in the technology for the taxation processes. Sticking to the government’s side might be a brilliant choice but not all the time. FYI, these days some of the services are even providing free GST software. Before you start questioning yourself about the free software’s authenticity, let us take the charge and bring in contrast the points to help you decide between software or government portal.
The Goods and Services Tax network accommodates more than 10 million of the businesses that are currently registered under GST regime. Undoubtedly, the portal is constructed with robust IT mechanics keeping in mind the Indian business magnitude. But even the GSTN gives a state-of-the-art appeal, you would have to incur few unsolvable problems.
- Time and cost burden– Now doing the business yourself doesn’t actually mean hand-writing the invoices and stapling it with a hard copy of a GSTR. When you take the burden of the taxation on your shoulders, especially under GST, your expenses increase. Because you would have to hire a tax consultant and that’s going to cost the business a big chunk of money. Trying to do GST entirely by yourself will demand time more than expected.
- Unavoidable mistakes– Since the compliance with Goods and Services Tax Act involves the preparation of thousands of invoices, the occurrence of a mistake is reasonable. Also, the task of manually matching the invoices with the final tax liability could make the process more exhausting. The records show that the returns filed by 84% of the taxpayers were incorrect. The GSTR1 (sale/purchase invoices) didn’t match GSTR3B (summary). Surprisingly, the taxpayers paid more tax than they were accountable to pay.
The software is the exact opposite of the GST portal. Although it doesn’t mean that the software is not made for the taxation, it just cancels out all the complications that occur on the GSTN. When you comply with GST manually, it really requires you to pull your socks up and give it all. But with the free GST software, the taxation’s like walking in the park. Here are some of the best qualities of the software:
- Low cost and time
- Bulk invoices
- Automated process
- Error-free return filing
- Accurate tax calculations
- Integrated security measures
- Exemption management
- Access to the third party platforms
The GST software has been a blessing in disguise for the entire taxpaying community of India. As mentioned above, the benefits of using the software are many. First of all, the issues that you might face while doing taxation all by yourself would never occur while using a software.
Secondly, the software comes back with a high-end technology that doesn’t let any error occur in the taxation. Whether it is the return filing or tax calculation, the software would even notify about errors in the values, if any.
Thirdly, the functioning of the software is automated. The best part of the automated processes, especially in taxation is that all you have to do is schedule. Once the payments are scheduled, the software would initiate the process and complete it with one final consent of the user. So all in all, the software turns out to be a lifesaver for the worried taxpayers of India.
It is a clear fact that choosing the software over the manual compliance is better for so many obvious reasons. However, a wise guy would never compromise with his belongings. So if afraid of the security, then you could just simply ask the service provider about the kind of security parameters integrated with the software. Millions of the people have already started doing hassle-free taxation using the software. Now it’s time for you be smart as a whip and save both of the time and the money.