Understanding GST Billing Software for Retail IndustryPosted by Suraj Raj on August 23rd, 2019
Earlier there were numerous taxes applied in India such as Service Tax, VAT, Excise and other state and central taxes, which were ultimately borne by the customers. GST applies to almost every business with a turnover of above 20 Lacs. The government has seen a boost in the overall revenues generated. The retail industry is one of the biggest contributors to government revenues. It is one of the fastest-growing industries worldwide. As per the research, it is expected that the retail industry will see tremendous growth in the coming years with the advent of new technology. To survive the upcoming competition in the retail industry, you need a robust technology for backing your business. A smart GST Billing software is the need of the hour to keep your business and transactions in place. What is the impact of GST on Retail Industry?Just like any other new amendment, GST has both negative and positive impact on the retail industry. GST has simplified the taxation system and Indian businesses and entrepreneurs are highly benefited with it. GST invoice software empowers the business owner to make GST ready invoices easily. Let’s dig deeper into the benefits of a GST Ready Software Since the Government of India has introduced GST in the Indian taxation system, it has undergone many changes in the structure but remains better than the previous taxation system. GST is for all. Varying tax ratesDuring VAT, retailers have to pay 18%+ other taxes. In GST, the tax slab varies according to the product specifications but remain less than VAT in most of the scenarios. GST turns out to be a gift for small retailers. GST ready software has inbuilt information about the tax slabs which companies regularly update as per the changes in the tax slabs. The user can directly generate bills with GST invoicing software and maintain the records in any format such as JSON, Excel, etc. which is beneficial in the GST return filing process. Implementing GST software for billing eliminates the chances of manual errors, generating 100% accurate invoices. Easy Return Filling Do you remember the time when you have to run after an accountant/ CA for filing tax returns? Now, it is simplified with GST Billing Software. GST has a simple return filing process that ensures 100% smooth and secure transactions from the GST portal. GST ready software helps you push transactions directly on the GST portal and ensure easy and quick return filing process. E-way Bill Generation If your business involves the movement of goods, you must be knowing that the GST council has made an Eway bill mandatory for inter-state or intra-state movement of goods. GST Ready software can generate single, multiple or bulk e-way bills to make your transportation smooth. Generating the e-way bill saves time by abolishing check post verification. It empowers retailers to do more business and stay focused. It also minimizes the intervention of manual labour. Plan new Strategies Timely notifications and alerts: Implementing a GST software at your place empowers you to plan new strategies. In most of the GST software, prompts and reminders are inbuilt features that keep you reminding about the important dates and other events so that you don’t miss out on anything and can plan new strategies for your business to generate more revenues. Business Growth Under GST, a business owner can get more transparency in the taxation system while doing business within the country or worldwide. Retailers get the clear status of their business and can plan for doing more business between the countries. This will give a boost to their business. Error-free Billing Customer loyalty and trust is the key to a successful business. With the help of GST invoicing software, you can actually generate almost error-free and customized invoices. This will improve your brand presence and build the trust of your customers towards your company. Conclusion Indeed, GST billing software made retail business management simpler. GST applies to almost every business therefore, it is important to implement a GST ready software for billing and accounting in business. This will speed up the overall growth of your business by minimizing the risk and manual errors. Thus, to lower your burden and stay focused on your ultimate goal, look for a smart technology that is affordable, user-friendly and supports your business. Other Author Blogs: Like it? Share it! More by this author |
