Effectively Manage GST With A POS Software
In July 2017, GST – a new uniform tax system was brought into effect in India. It levies a centralized tax on the manufacture, sale, services and consumption of goods at the national level. This move enhanced and simplified the country’s tax system, resulting in improved compliance, reduction of errors, accountability and movement of goods.
Commercial businesses are required to file GST returns on a monthly, quarterly and/or annual basis. And, companies may find it strenuous to comply with GST obligations when they use manual methods to track GST data. Common discrepancies that arise when spreadsheets and paper-based methods are used include financial errors, omissions and oversights. The best way to manage GST is with a POS system. Here’s why.
GST ready receipts
There are a wide range of POS software solutions that are GST ready. They can print invoices with correct GST values and ensure complete GST compliance. Setting it up is easy. All you will need to do is configure your organization’s GST information. The software will take care of the rest.
Streamlined data tracking
With a retail billing software, you don’t have to spend time on transferring values from one application to another. The software application automatically performs essential tasks like tracking and processing data. This feature saves you plenty of costs and labor.
Even the tiniest of miscalculations when filing for GST returns or printing customer receipts can lead to a disaster. Getting it right from the get go is imperative. Point of sale software solutions ensures that it levies the right tax on the right product.
In addition to printing accurate receipts and tracking GST data, POS systems also provide detailed reports and analytics. It can show you how much GST has been levied during different periods of time, how many sales have been made, what mode of payment is most used by customers and more. Using these insights, you can optimize your business strategy for higher returns.
POS software solutions achieve complete data privacy via end-to-end encryptions and industry-grade security protocols. They deter cyberattacks and safeguard your data from being stolen, hacked into or getting lost. POS systems also create regular backup copies of your data for added reliability.
It can be overwhelming to manually track GST data, ensure compliance and file for returns. By implementing a GST ready point of sale software in your workflow, you can automate the entire process. POS software solutions automate and centralize all GST functions. Beyond that, they can do so much more such as managing inventory, customers, taking care of accounts and more. Get SmartPOS, the leading retail billing software and efficiently manage GST. Contact us to know more.