8 Steps to Make Your Business GST-Ready

business ready for GST

Ever since the launch of GST in India, it has been the single point of conversation for common people and businesspersons in the country. Whereas businesses are worried about how to implement GST into their existing tax (accounting) system, the common man is worried whether GST will increase or decrease the tax charged on goods and services of daily use.

In this article, we will be dealing with the first problem to teach businesses how to get themselves GST-ready. The Goods and Services Tax (GST) will replace all the previous state and Center taxes such as VAT, Service tax, excise duty, etc. The biggest change will be in the way SMEs used to file tax returns for their services and supplies. Follow these tutorial steps and make your business GST-ready.

Also Read: 6 Reasons Why to become GST Partner with SAG Infotech

Some Amazing Things to Make Your Business Ready for GST

Business Registration

As per GST rules, a businessperson is required to register his/her business in every state where he has an office or any kind of place of operations. It is not mandatory to register in multiple states if you are only providing services there but do not have a business place in all those states.

Read and get informed about GST

Unless you are planning to outsource your business tax tasks to a professional, you need to get yourself familiar with the billing and e-filing processes under GST regime. Fortunately, there are several online resources including the official GST portal, GST Mobile Apps, GST Softwares, GST Blogs, tutorials, etc. where you can read more about GST to prepare yourself for the new tax mechanism.

Change your IT Systems

Update or replace your existing information technology systems for GST tax billing, invoices, and online return filing. It is also convenient to buy a GST Taxation software to automate the billing and other processes. At the least, you need to integrate your customer data, tax codes, HSN codes for your supplies, etc. into your IT operations to effectively generate GST compatible reports.

Also Read: Partnership with Gen GST: Everything You Need to Know

Classify your transactions under GST

GST has many provisions and specific rules for different goods and services. Businesses will have to classify their products and services to be taxed under the right categories and provisions. The GST rules may differ based on the type of product, location, and industry. Read about GST rates, codes, etc. for your particular products/service, or take help from a professional CA.

Upgrade your business or make changes

GST is going to impact each of your business processes, no matter the kind. You may have to upgrade or change some or all of these processes including manufacturing, supply, trade, exports, etc. The tax rates for some business processes, places and supplies may go up while for others tax rate may go down. You need to get ready for all these changes.

Change in contracts for customers and vendors

Under GST, businesses will require maintaining separate invoices and bills for the transactions that took place in different states to maintain separate credit pool for each state. It was not required in the previous tax system. Businesses are therefore needed to collect the services’ invoice in the same place where credit should be liable. This may need you to make some changes in the existing contracts of your customers and vendors.

Define new product prices

Before GST, product prices and margins for different parties used to be defined on the basis of value-added tax (VAT) applicable on the sale price. Since there will be new tax rates under GST, businesses may have to redefine the rates for their goods and services to ensure valid margins after tax deduction.

Input Tax Credits

GST also has the provisions of input tax credit that you can claim against the already paid taxes on the supply of the same commodity. The three types of GST tax, IGST, CGST, and SGST are interchangeable for tax credits.

Business can claim credit for their already tax paid stocks. Since all the new and old stocks will now be considered under GST, businesses can claim for credit against their already paid tax amounts.

It is crucial for businesses to quickly and properly implement GST into their operations as this will affect not only their own working but also the economy of the country.

Features of Gen GST Software (Desktop Version)

Features of Gen GST Software (Desktop Version)

SAG Infotech powered Gen GST software is one panacea to get rid of every issue regarding the latest tax regime in India. This GST software is well suitable for all size of business.

There are some of the top rated features which are highly useful in the context of every tax paying entity and work related to it:

List of Features of Gen GST Software (Desktop Version)

Advance Technology

  • The software comes with advanced e-Filing capability through any channel by which user will be able to file the return using multiple options.

Creation of Masters

  • It also features the creation of masters facility, with the help of which, a user will not have to enter same data multiple times. The creation of masters facility also includes ‘Data Merging’ and ‘Delete the Masters’ features in it, in which, Data Merging as its name defines will help you in merging the similar kind/format of data/word/phrase to make the database more organized. On the other hand, Delete the Masters will help you in deleting the Masters, which are no longer in use.

Invoice Facility

  • Invoicing for goods and services – The Gen GST software is also blessed with invoice facility, which includes many options such as Invoicing for Goods and Services to customize billing.
  • Debit Credit Note – Debit Credit Note to provide detailed reports of sales and purchases
  • Shipping Bill – Shipping Bill to prepare shipping bills with excise and custom details
  • Advance Receipt – Advance Receipt to provide the advance receipt and computed GST on it

GEN GST also provides a solution for an e-way bill by generating the required eway bill according to the invoice. Transporters and suppliers can generate, modify and cancel the eway bill of any particular invoice and maintain status with records in the database.

  • Industry Specific Billing Format – Industry Specific Billing Format to provide you a facility for creating customized billing format based on your industry requirement.

E-filing

  • E-filing – The e-Filing feature of this software helps you in e-filing of return & invoicing via different modes under two modes for e-filing, which includes FAST e-filing and DESCRIPTIVE e-filing.
  • GSTR Forms – The software also provides complete GSTR filing solution for the taxpayers. The filing of GSTR forms is done according to the norms and dual compliance with accurate reports. The taxpayer can directly pay taxes and maintain the status of the filing for further reference.
  • Invoice Uploading – Moreover, with the help of this feature, you will also be able to upload the invoices any time as per your convenience.
  • Match Mismatch Report – The Gen GST software also allows you to share match-mismatch report by user’s counterparty seller-receiver by using Match Mismatch Report Notification feature.
  • Auto Error Identification – User will also be able to find errors in a very quick way by using Auto Error Identification feature of the software.

Import-Export Facilities

  • Import Facility From Renowned Accounting Software – The Import-Export Facilities feature in the software offers you many facilities for your import-export business, which include Import Facility From Renowned Accounting Software to import data from any other accounting software.
  • Import and Export in Excel – Import and Export in Excel to import GST return and invoicing from Excel format to the software and vice versa.
  • Import and Export from Excel Templates Provided by GSTN – Import and Export from Excel Templates Provided by GSTN for direct import/export of pre-decided excel template provided by the GSTN.
  • Import From e-File (JSON) – Import From e-File (JSON) to import the JSON file generated by any other tool to the GST software.
  • Direct Filing to GST Portal if Provided by GSTN – Direct Filing to GST Portal for direct filing to the GST Portal if Provided by GSTN.
  • Import From Invoice Section – Import From Invoice Section to directly import the billing data into GSTR1.

SMS/Email Facility to Clients

  • Further facilities offered by the Gen GST software include SMS/Email Facility to Clients for sending notifications regarding the status of e-file return to their respective clients.

Registration

  • Registration – Registration to register anyone under GST at the GST portal. Our software will provide certain forms as per the type of registration such as:

Registration for Regular Dealer – Form no. REG-1, 4, 7, 9, 10, 11, 14, 16.

Registration Composition Dealer – Form no. CMP-1, 2, 3, 4.

Registration for Practitioner- Form no PCT-1.

Also Read: Gen GST Software Review – Know Why it’s Best GST Software in India

e-Payment

  • e-Payment – e-Payment to make an online payment without any technical experience. For e-Payment, our software will provide certain forms such as form no. PMT-1, 2, 4, 5, 6, 7.

Input Tax Credit

  • Input Tax Credit – Input Tax Credit to calculate your Tax Liability automatically. Also to make this feature more useful under ITC our software will provide certain forms such as form no. ITC-1, 2, 3, and 4.

Advanced security

  • User Right – SAG Infotech has also shown a keen interest in the security aspects of the software as it includes User Right to provide complete controls of the software to the Admin.
  • Client/Year Wise Password Protection – Client/Year Wise Password Protection to protect the complete yearly data or particularly important client with a password.
  • Return Lock Facility – Return Lock Facility to lock the returns as per the return status of the particular return.
  • Log – Log to provide the power of seeing the detailed Log about when, how, and by whom this software was used.

Interactive Date/Week/Month Wise Reports

  • Interactive Date/Week/Month Wise Reports – The Gen GST software also offers Interactive Date/Week/Month Wise Reports to provide the facility of viewing date wise reports to crosscheck.

General Features

  • LAN Connectivity – Apart from it, the General Features of the software include LAN Connectivity, by which user will be able to provide the facilities of online version to another computer via LAN connection
  • Help – Help to guide the user regarding the entire functionalities of the software.
  • Backup/Restore – Backup/Restore for the protection of data from partial or total loss.
  • SEP’s (Suggestions/Errors/Problems) – SEPs (Suggestions/Errors/Problems), which will allow the user to give suggestions and report about errors and problems in the software.
  • Customize Theme – Customize Theme to take care of your Personal choices in term of theme, color and User Interface of the software.

Procedure For Uploading Data On GST Network With Gen GST Software

GST Network With Gen GST Software

The government is fully set to introduce the goods and service tax in the current economic structure and has given a big task for the market to upgrade and transform for an innovative taxation era. SAG Infotech is a leading accounting software firm in providing financially oriented software from a decade and is introducing soon, GEN GST Software which will be generating the Invoice as per GST Guidelines and Invoice Format, e-filing of All Type of Dealer Returns Facility, Facility of e-Payment of Taxes as per Liable GST Rates, formation of Tax Liability Register, Credit Ledger, Cash Ledger, ITC Match/Mismatch Report generation, Reconciliation with Online GST Portal and other official GST Links. The software is on the verge of completion and in the expansion strategy, the company has also offered two very lucrative opportunities to be the part of our program.

GST Partners will Get Discount on Gen GST Software

SAG Infotech introduces GEN GST Software reseller program for its prospective value addition chain. The offer is extended to all the partner who is expecting to grow their income source and wants to set up a client base. The offer includes One-time Enrollment Charges INR 500 (Including taxes) only on which a Flat 10% Commission on each reference will be given If no scheme offered by the company while Flat 5% Commission if the company offers any scheme. On the top of it, the partners are also entitled to get the GEN GST Software at a bottom rock price of INR 1500/- equivalent to direct 70 percent off.

Gen GST LaunchedComing to the important part of the article, we are here showing the two possible ways to connect and establish a connection with the Goods and Services Tax Network (GSTN):

One the first way of connection, it is Application service provider who transfers all the data and uploads them over the GSTN from the middle portal GST. In this process, the GSP-ASP will charge the end user with a transaction fee.

Now towards the second option, the end user can directly upload their data through the GSP which in turn will upload all the data of the end user on the GSTN. In this process, the end user is not charged any fee regarding the uploading of data by the GSTN or GST portal either.

Read More : Partnership with Gen GST: Everything You Need to Know

In a pursuit for a proper understanding of this procedure, let’s go through pointwise starting from the GSP-ASP route:

File Generation:-

END User generates the upload file by using the 3rd party software/utility provided by GSTN and then can upload it. End User has to pay a cost to ASP’s.

ASP:-

ASP’s will pass on the upload file provided by the end user with some credential provided by GSP’s. ASP’s will just pass on the files. they can’t even view or edit the files. For this facility, ASP’s have to pay the applicable charges to GSP’s.

GSP:-

GSP’s will pass on the upload file of end user provided by ASP’s with some credential provided by GSTN. GSP’s will just pass on the files, they can’t even view or edit the files. For this facility, GSP’s have to pay the applicable charges to the GSTN. The first year these services are free for GSP’s.

Finally GSTN:-

GSTN will receive the uploaded file of the end user from GST’s.

In the second route to the uploading file, points wise starting from Normal GSP:

File Generation:-

END User generates the upload file by using the 3rd party software/utility provided by GSTN and then can upload it directly to GST portal. End User needs to pay any charges for using this facility.

GST Portal:-

GST portal will pass on the uploaded file provided by the end user directly to the GSTN.

Finally GSTN:-

GSTN will receive the uploaded file of the end user from GST Portal.

Now, the important point is to why select GEN GST Software for filing and uploading GST data must be adopted with proper understanding.

Selection of filing process:-

Our GST software will provide facility to the end user where he/she can choose the procedure of filing between GSP-ASP or through direct GST Portal.

In – Built Configuration:-

If the end user opts for GSP/ASP network then our GST software will have a configuration where end user need not worry about anything related to connection, our software will do that automatically as per the selected ASP/GSP by the end user.

Cost Effective for End User:-

Our GST software will give the option to choose any GSP/ASP and pay them after the bargaining or mutual understanding.

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6 Reasons Why to become GST Partner with SAG Infotech

Six Reasons Why to become GST Partner with SAG Infotech

Starting a partnership with a person or an organization is really a big step to grow any business. If you are starting a partnership with an organization you have to face well as well as a bad time of the company together, so, it is essential for an individual to get connected with a stable organization. SAG Infotech is undoubtedly a reputed IT organization, which has many years of experience and a strong and satisfied client base.

We all are fully aware of GST (Goods and Service Tax), which is about to be implemented across the country. Our company has developed a new taxation software named Gen GST, which will help people across the country to understand the new tax schemes more easily. Being a GST sales partner for SAG Infotech means you have to sell its Gen GST software in your local area with company’s permission. Sag Infotech has all the qualities, which a person needs to consider before starting a partnership. Let’s have a look at these points:

Trust

This is the most important factor, which should be considered before starting a partnership. SAG Infotech has been delivering IT services for about 16 years of the time period and is one of the reputed IT companies in the country. Still, before getting involved with the company, you must clear all the queries related to the partnership. Apart from that, looking at this long successful time period in this sector and a strong and satisfied customer database, trusting at this company will not be any issue.

Online Presence

You can know a lot about any company based on their online presence. There are many websites, portals and GST helpline apps,  which allows the company employees and customers to give rating and reviews for that particular organization. SAG has a great online image, each and every web platform gives a satisfactory response in perspective of the user as well as an employer. Rest of the information can be gained from any blog posts or press mentions, which will show the insights of the business pattern of the company.

Quality Service

SAG Infotech is well known for its quality work within given time period, The company along with its dedicated and skilled team of designers and developers works day and night to deliver you a satisfied result in the given time.

Advantages of Gen GST

Sag Infotech designed and developed Gen GST software will help you to understand new tax schemes in the upcoming GST (Goods and Service Tax) regime. As we all know that GST is soon going to be implemented across the whole country and this will be the biggest tax reform in the history of India. So, our company has developed Gen GST, which will help people to understand new tax regimes and how can they implement that in saving their money.

Easy to use

The Gen GST is blessed with a very attractive and responsive User Interface, which has been kept very assistive and helpful to enroll the taxpayer easily. You just have to download the software and after generating id and password you just have to simply follow the instructions and fill up the required details to use the application.

It’s an Investment that Matures Over Time

After the implementation of GST across the country, every organization from a small level to an MNC will need to understand the new tax regime. So, we can assume that the growth and requirement of this software will increase with time, as every company will have to understand new tax schemes and have to go with it.

By considering these points we can see that SAG Infotech has all the qualities to become a partner. It has a strong and nice image in the IT sector of the country, which allows any individual to partner with this company without any second thought.

Partnership with Gen GST: Everything You Need to Know

Partnership with Gen GST

The GST (Goods and Service Tax) is supposed to be the biggest reform in India’s indirect tax structure. The main motive of GST is to India one unified common market. After applying GST there will be just a single tax on goods and services right from manufacturer to consumer. So, for helping people across the country, Sag Infotech with a dedicated team of technical experts (CA, CS and Software Developers) is aggressively working on GST software in India.

The company will soon introduce a new taxation software named as Gen GST, which is getting designed to help the taxpayers to migrate and register themselves on the GST government website, without any session expire. The Gen GST will arrive with a great User interface, and with all features like:

  • Generation of Invoice as per GST Guidelines.
  • All type of Dealer Returns with e-Filing.
  • E-payment of taxes.
  • Tax Liability Register, Credit Ledger, Cash Ledger will be maintained.
  • ITC Match/Mismatch report.
  • Reconciliation with online GST portal.

Why Register for Gen GST Software?

The Government of India is going to implement GST regime later this year and all the companies are getting prepared for it. So, being a taxation software company, we are willing to provide you a platform, which will help you access GST related such as registration very easily. By registering on this software, a user will be able to build up his/her client database effectively. You can also upload your data on the official Government GST portal, after saving it on Gen GST utility. Additional features of the utility are Proper Data Validation, No Session Restriction, Create Database, Save user id and password of multiple users

What does it mean to be a Partner?

Being a partner with our organization will let you grow your business and increase your client contact. You will just have to help us in keeping healthy competition in the market and offering high-quality software product to our consumers. The GST partners will be selected by reviewing their profiles and the software will be available for the dealers after implementing GST in the country.

What do you get as a GST Partner?

Becoming a GST partner will add you an important part of our existing user network. By which you will be allowed to interact with our technical experts to grow your business. Our company works with a simple concept, the more you sell, the more you earn.

How to become a GST Partner?

To become a Gen GST partner, you will have to go on the Gen GST Software Partner Portal at www.gstpartner.com. You will find a form which is to be filled up by you with genuine details and finally, click on send. As we have mentioned above, GST partners will be chosen after reviewing received profiles.