Being an important entity in the society, the business has to follow all the rules and regulations set by the law. There are many rules related to charges and taxes set by the government and each business in a particular category has to follow it without any excuse. Before a few months, the government of India has taken a revolutionary step and applied GST in the country as per which different products fall into different categories and hence have to pay tax as per the provided slab of the tax.
The Goods and Service tax, as decided by the government has various slabs where the seller has to charge the tax up to 28%. However, all the products are categorized, and hence in some cases, there is a small amount to be paid as tax while in some cases tax to be paid is as high as 28%. As per this system, the seller has to charge the tax to the buyer and accordingly all the collected amount has to be deposited to the government as mentioned in the GST return filing procedure.
How to handle it?
Well, in many cases the business has a huge number of transactions and hence uses software for offering the bill with GST and gets the total amount of GST under one head. The GST accounting is made easier with the help of software where all the necessary provisions are made in a way that can help the business collect the tax, account it and pay to the government.
The organizations need to look at their transaction and select software or get one developed in a way that can help them to have proper accounting and record of all the transactions of the business as well as the tax. At the time of the payment of tax the software can easily prepare the challan, and hence the payment of the same can be easily done by the business.
One can find software by some of the leading developers who are ready to use with a little modification as per the business needs. In some cases, the business can also go for the development of the software as per its requirements. However, in case the business needs the software to be developed, the developer must be selected with due care. One must see that he has sufficient experience in the field and understands the requirement of the business in its true sense. The developer must also be asked to offer the services of installation so that the compatibility of the software with other devices and systems can be checked. He must also be able to resolve the technical errors on a priority basis and send the updates to the system regularly. The software must also be of such design that can be used easily by the operator. The dashboard and design of the same must be created in a way that the user can move to one level to another easily to fetch record and other details.