The introduction of GST simplified the Indian tax system by replacing numerous indirect taxes with a single overarching Goods and Services Tax. The GST compliance checklist can be difficult to meet by certain businesses but there is an easy way around it- by investing in a credible cloud accounting software.
Realbooks is the best GST accounting software in the Indian market, the use of which can make your business GST ready conveniently. Here are some reasons why Realbooks is A-1 in terms of GST compliant accounting, inventory and payroll.
With a cloud based accounting software like Realbooks, it is now possible to associate HSN/SAC codes with all the goods or services of your business. The GSTIN can be recorded at the time of creation and the same information can be auto-filled every time a transaction is made.
Realbooks ensures that each one of your business’ transactions is in compliance with the government mandate, by regularly tracking all relevant details in the invoices and bills generated.
GST has a four-tier tax structure, a zero rate at 0%, a lower rate at 5%, standard rates at 12% and 18%, and a higher rate of 28%. The products and services sold by a business is a deciding factor for its GST rate, and upon payment, the amount is split equally between the Centre and the State. In the case of inter-state transactions, there is an Integrated GST that combines both central and state components.
Realbooks is the best GST accounting software, providing its users the benefit of automated tax calculations. All you need to do is set up the GST rates applicable for your business and it will generate the accurate figures for you.
The Ministry of Finance has enlisted a list of details that every tax invoice must contain, like the business’ name, address, GSTIN, HSN etc. To reduce the risk of missing any point in the invoice checklist, turn to the best accounting software India.
In Realbooks, all such details are inputted at the start and auto-filled at the time of invoice creation, in a manner that is compliant with the government’s directives on the matter.
Realbooks is an all-inclusive cloud accounting software where e-way bills can be created directly. This software is designed to scan through all your business transactions, detect those that have an e-way bill, track the bill information, and even mention those on your business’ transport copies and invoices for easy access.
There are 11 kinds of GST returns that taxpayers are required to file at various times of the year, out of which GSTR 1,2 & 3 require to be filled on a monthly basis for all businesses. If businesses start waiting till the end of the term to manually compile all of their reports for GST filing, they will barely be able to make it on time.
Realbooks is the best accounting software India, equipped to automatically calculate all the tax liability of your business. All GST returns can be easily filed from this platform and the transactions can even be sent directly to the GST portal.
Takeaway
Realbooks can streamline the tedious process of tax calculations, filing and returns for you while minimizing any risk of inaccuracies in it. For more details on this GST compliant accounting, inventory and payroll software, get in touch with their team now.
