Simplifying Performance of GST Software With easy forms for Return filing Procedure

Simplifying Performance of GST Software With easy forms for Return filing Procedure

With GST completing more than a year and a half in the Indian Market, the government is on run to provide a much-simplified procedure for return filing for traders. Top GST Software solution providers are totally geared up to provide GST compliant software for all their end users and most of them have successfully accomplished their targets.

Though it was a tough time making all their vendors and end users become GST compliant with time there were many more technical glitches reported on the GSTN portal which delayed the tax filing process for many SMEs and MSMEs across pan India.

How does the government promise to curb the technical glitches?

In order to curb this ongoing technical glitches, the government The Goods and Services Tax Network (GSTN) has directed its software vendor Infosys to design new forms for filing returns by traders and in next five to six months have decided to implement this plan and a prototype of the software in the market. Soon it will be followed by the beta version of the software, open for a few taxpayers to use in the real-world environment.

The collection from Goods and service taxes was expected Rs 12 trillion in the current financial year making the collection to be 1 trillion each month but the expectation was only met for two months in April and October and now many traders have blamed the technical glitches to be one fact for not achieving the monthly target.

To make the GST billing software more clear and apt for all the traders the GST council was also suggested to have a separate deadline for small and medium enterprises, SMEs and large businesses.

Some valuable suggestion for Policymakers

The most valuable suggestions/advice to policymakers to counter any existing business challenges in ICT Information and Communication technology market is on enhancing the quality of services and decreasing the overall costs.

The introduction and employment of ICT in developing countries like India, however, has not been as fast and effective as in developed nations and needs to be focussed to check facts like legal deficiencies, poor technical infrastructure, social barriers or lack of skilled human resources. Another crucial problem to be tackled includes inappropriate academic curriculum or ineffective educational programs which need to be shaped & re-engineered so that proper educational programs is required.

Conclusion

The monthly returns are compulsory to be filed for taxpayers having an annual turnover of more than 20 lakh rupees in a year. The Government has plans to make a more simplified taxation system which now contains only two main tables – One to report outward supplies and another for availing Input tax credit based on invoices uploaded by the supplier.

In the recently held 28th GST Council meeting, certain key changes were introduced with regards to the existing return filing model and the council has approved the basic principles of the new and simplified GST returns. The new simplified GST return will be implemented from January 2019 and hope it clarifies and ease return filing by traders across pan India.

Marg Erp is a pioneer in Inventory and accounting software and serves more than 21 + different segments. Today the company has more than 9 lakh plus users who are ready to help businesses become Gst compliant.