The herculean task of shifting to the new digital regime of taxation is making the country abuzz with the over explosion of information. This has mostly bewildered the entrepreneurs and SMEs as to how to make a business compliant to GST. Few GST compliant software solutions that can be used by a GST-ready entrepreneur are listed below.

·         CLEAR GST SOLUTION BY CLEARTAX- Priced at Rs. 10,000, the first cost effective well built cloud GST solution software released by Cleartax solutions is Clear GST. However it has few weaknesses including the need for separate accounting software for financial statements, is useful for small businesses only, no availability of offline backup and so on.

·         TALLY ERP 9 BY TALLY SOLUTIONS- Priced from Rs. 18000 to Rs. 54000(GST feature free if already having a license), Tally ERP 9 will be easier and more delightful to use than others with the only weakness of having no basic accounting system of debit and credit.

·         GEN-GST BY SAG INFOTECH- Priced at Rs. 2500, this software is different from others in the sense that it is available on all platforms like desktop, cloud, SAAS and so on. Some of its weaknesses involve its application to small businesses and need for separate accounting software for financial statements.

·         PWC INDIA- A GST solution with end-to-end automation aimed at helping companies to become GST compliant has been recently launched by PWC, the company which targets big business corporations instead of people.

Read more at: https://www.entrepreneur.com/article/297307

It has been more than a year since the biggest and the most comprehensive indirect tax reform, Goods and Service Tax (GST) has come into effect in India from 1 July 2017. This phenomenal task of shifting to the new digital regime of taxation is aimed at streamlining and consolidating indirect taxes in order to unify the market. This transition accounts for changes in all areas of business, tax rates and tax payment schedule, logistics, delivery, marketing and sales and so on. In this context let’s look at the few ways by which organizations can make the best use of GST.

·         Understanding and assessing the impact of GST on each aspect of the business.

·         Taking advantage of the integrated and unified system of taxes to streamline operations and rationalize prices.

·         By taking advantage of the single registration and seamless tax-credit flow mechanism, businesses can expand to other states/parts of the country.

·         Reaping out the benefits from increased at par competitiveness under unified GST which has replaced multiple tax systems levied by different authorities.

·         Increasing profit margins and reducing operational costs by ensuring all expenses where ITC can be claimed.

       Read more at: https://www.entrepreneur.com/article/308667