How to Effectively Choose a GST Solution – Part 1

Indian tax system and easily be categorized into pre-GST and post-GST. While GST was introduced to make the tax system hassle-free, many businesses are still struggling to master the reform. Though there are many solution providers available in the market, you should choose the one carefully according to your organizational needs. Here are some key points to be kept in mind:

Maintaining annual records: While a solution might offer duration based solutions for limited months like a quarter or six months, do not forget that your businesses will need to file annual returns. You should have the assurance of seamless records transfer if you switch solutions after a certain period of time. Additionally, if you are charged on the basis of duration of association, cost of a further extension of record keeping should be budgeted in when planning to partner with a solution provider.

Offline and online capabilities: Though the GST regime is completely digital in nature and adapting to internet-enabled technology solution is a pre-requisite, it wouldn’t be a wise move for solution providers to overlook limited or no internet connectivity in majority small towns and villages of India which are a hub of SMEs and MSMEs. Therefore we cannot do away with offline capabilities completely and it is equally important for your partner to have offline capabilities to store invoice records which may be updated at regular intervals. This would ensure that tax professionals have the flexibility of updating and editing data anytime at their convenience. Additionally, as GST regime is like a chain linked through the entire business transaction cycle, many a time there would be requirements to go back and forth to check, update and manage records and entries and offline capabilities would ensure that working in this domain is possible without pushing the data out.

We are awarding some of the best GST solutions of the year along with other categories at the 2^nd Indian ISV Awards 2018, an initiative from itVARnews (Techplus Media Publication) to acknowledge the best ICT Solutions by ISVs (independent software vendor), Systems Integrators, Solution VARs, and MSPs across INDIA. To know more, visit the website now.