One Step GST Solutions By Tally

What is GST?

GST is a value-added tax imposed by the government on majority of goods and services that are sold to the consumers. It is an indirect tax that is levied at every point of sale and has replaced all other indirect taxes on goods and services previously implemented by the Indian government. It is one of the biggest tax reforms in India which is aimed at economic growth of the nation.

What are solutions for GST?

Solutions for GST are actually GST accounting software. These are applications or interfaces used by business owners to calculate and file GST returns. The one step GST solutions by Tally are meant to solve all GST-related issues with the robust set of features including real-time updates, reduction of data duplication etc. The main objective of this invoicing system is to cater to the specific requirements of different business entities for keeping a track of GST. It also helps in generation of e-way bill. The e-way bill is to be paid when goods are transported beyond state borders. Solutions for GST are user-friendly and ensure fast and error-free GST calculations.

Must for accountants?

Solutions for GST are must for accountants as it makes their task much easier in terms of accuracy and speed. The most rigorous accounting processes like billing and invoicing, core accounting, data security, tax management, inventory management, reporting and analytics, data security, integrations, and fixed asset management are made easy with GST solutions.

Reduces error

When bookkeeping is done manually, it involves a lot of mathematical calculations which sometimes may lead to errors. If an error in the initial stage remains undetected, it finally gets reflected in the balance sheet or the balance sheets do not tally. However, GST accounting software can reduce the chances of such errors provided the data is entered correctly.

Improves speed

In comparison to manual accounting, tally solutions GST allow accountants to process their accounts with greater speed. This all-in-one accounting software helps accountants to improve their efficiency. Since accounts are maintained digitally, it automatically saves time for the accountants on a daily basis.

Tax calculation

Tax regulations keep changing from time to time and business organizations need to comply with the same. The automatic tax calculation feature in tally solutions GST for sales and payments and also on withholdings for employee payroll helps to meet the compliance requirements. Moreover, filing taxes for businesses is a complex process, as accountants need to remain updated with all the transactions. GST solutions calculate the return semi-automatically. The solutions keep accountants updated and informed through automatic reminders and minimizes the risk of facing any penalty.

Accurate reports

The solutions for GST, provides businesses with accurate financial information on time which plays an important role in decision making. The solutions have in-built reporting modules which allow the accountants to generate reports such as a cash flow statement by just filling a form. However, it is a time consuming process when the accountants prepare such reports manually.

All these features make solutions for GST a must for accountants to perform their functions smoothly.