How small businesses can cope with GST Compliance?

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How small businesses can cope with GST Compliance?

Small and medium-sized businesses are considered to be the backbone of the Indian Economy as they are contributing largely towards the GDP, export, employment generation, and inclusive growth. Under GST they might feel the burden of compliances has increased considerably. Post-Independence Goods and Service Tax has been the biggest tax reform since its independence. There are some challenges for businesses and consumers as well. This is how small businesses can cope with GST compliance.

Reasons why small businesses are struggling to cope with the compliances.

Financial limitationsSmall businesses have smaller budgets, owing to the financial constraints the new businesses often make mistakes in allocating proper accounting resources. A well-trained accountant is a must or you can outsource affordable accounting services.

Lack of professional expertise- Lack of professional expertise in the matters of taxation is also one of the most glaring reasons why small businesses have difficulty in coping with GST compliance.

Not having the right tools– Many small businesses fail to comply with the GST compliance standards as they fail to generate, maintain and record invoices that can help meet their end. If you are looking for a customized GST solution for compliance get in touch with our team.

Many businesses use accounting software or ERPs for compliance. The switch to GST will require the businesses to change their ERPs too. An upgrade is needed for the software or by purchasing the new GST compliant software as we have for IndiaFilings. IndiaFilings offers a ready to use GST software at affordable prices which helps them for smooth management.

Ledgers accounting software is designed to help businesses to maintain the accounts, GST compliances, TDS, payroll, and income tax filing. With IndiaFilings the accounting is simple and intuitive with no prior accounting knowledge or experience is required.Ledgers are Integrated with the GSTN, TRACES portal, banks, and various platforms to avoid the businesses to maintain error-free compliances and avoiding penalties.

How can small businesses cope up with GST Compliances?

GST invoicing and Billing- You can generate the GST invoices quickly from your mobile or computer. With the inbuilt catalog or the contacts, the error-free invoices can be created in seconds with the correct GST rate and computation. The platform supports billing in multiple currencies. You can also share the invoices, bills with the customers through SMS, whatsapp, and even other modes.

Receipts and payment gateway integration- You can issue the receipts to the customers and also reconcile the multiple payments that are against the invoices. Ledgers can be quickly integrated with any type of payment gateway to automate invoicing and receipt generation.

Accounts statements- You can generate and share the account statements with the clients instantly, view the customer-wise accounts receivables, overdue invoices, and also send payment reminders with the payment links. Create the supplier account statements with the details of the purchases, the payments that are made, and the payable.

GST return filing and ITC reconciliation- Error-free GSTR 3B and GSTR 1 invoices are directly issued from the LEDGERS through API integration. GST returns are also auto-prepared based on the invoices, payments, and credit note data. File the GST returns using LEDGERS, Match the purchases against the input tax credit received in the GST portal. Find the suppliers by not providing the Input tax credit and follow-up to avoid Input tax credit leakage. You can save money and time by quickly reconciling with the purchases against Input tax credit received.

IndiaFilings has made Goods and Service Tax compliance easy for your businesses and also hassle-free! Ensure compliance under GST today get in touch with our team for the best GST Compliance services.

 

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Post by Mansi Sawant

Mansi Sawant seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of IndiaFilings which provides taxation and Licensing. Writing from observations and researching makes her articles virtuous.