Must have Features for Best GST Software for Seamless Compliance in 2024

Don’t let ‘GST compliance’ get you all jittery. Well, it may seem intimidating at first, but handling the complexities of GST compliance might not be as complicated as you think. You may be wondering how is that so! To put it simply, all you need is efficient GST software. Yes, it’s that simple.

Proprietorships form a major part of the taxpayer base (about 80.18%). So, to select the ideal GST software in India, look for features that guarantee compliance and boost efficiency. Here are some necessary characteristics to consider:

1. Instant GST returns filing

The instant creation of GST returns is a very important feature of high-quality GST software. Picture being able to see your GST return reports with just one key, regardless of how much data you have. The instant GST returns filing feature is made to save time by eliminating waiting periods and allowing more time for other essential duties. This quick handling implies less waiting time and more work efficiency, ensuring your compliance work remains current.

2. GST return sign and amendments

There’s another important element to keep in mind. It is the ability to sign GST returns using the software. After you submit your returns on the GST portal, marking the return as ‘signed’ in your software helps monitor which returns are verified and filed. This feature proves to be very helpful for tracking any changes in transactions made after these returns have been filed.

Let’s just break it down simply. Suppose an error in the amount mentioned on an invoice requires correction. Your software must highlight these changes and aid in easy reporting during subsequent returns. This way, it becomes uncomplicated to deal with amendments and ensure all updates are correctly reported, maintaining the accuracy of your records.

3. Track GST return activities

Having too much on the plate always makes things difficult. In the same way, having multiple returns to file and registrations to manage can make tracking difficult. The feature of the top GST software in India is to track GST return activities efficiently. You will see a summary of all your return tasks and activities, like what has been exported or reconciled and is still pending.

This structured method makes your work more efficient and guarantees that no return goes unnoticed. The ability to adjust views, for example, return-wise or time-wise reports, contributes to adaptability by providing ways to monitor your compliance status.

4. Flexible and intuitive configurations

Proprietorships add 13.28% to the total GST revenue. Hefty, right? Thus, GST compliance management should be simple and easily handled with more intuitive configurations. The best GST software must permit flexible settings that can handle exceptional cases effortlessly.

For example, options like marking registration status as ‘Active/Inactive,’ managing transitions from composition schemes to regular schemes, and setting up GST rates for stock groups, items, and ledgers must be user-friendly and simple. This adaptability guarantees that your business always follows the rules, even if adjustments in its operating style or GST legislation exist.

5. GSTR-2A and GSTR-2B reconciliation

Proper reconciliation of GSTR-2A and GSTR-2B is important for GST compliance. The finest GST software should provide robust reconciliation utilities, aligning your purchase data against what is on the GST portal.

Wondering what this does? This characteristic helps guarantee that you assert the right input tax credit, preventing disagreements and possible penalties. It simplifies the process of reconciling by making it straightforward to recognise mismatches and fix them quickly.

6. Multi-GSTIN management

Now, what if we think about a business that works in many states? In that case, managing many GSTINs in one software platform is very important. The capacity to handle multiple GSTINs helps to manage compliance easily across various locations. This feature also needs to assist with combined reporting and filing, making the overall compliance process simpler for businesses with a wide geographic reach.

Conclusion

There you have it! Picking the best GST software in India for 2024 means finding features that simplify compliance, improve efficiency, and give flexibility. Remember that the secret behind a smooth GST compliance journey is having appropriate features designed to meet your business requirements.

Contact TallyPrime right away, one of India’s most reputable and excellent GST software!