Advantages of Using Tally GST Software in Small Businesses

Advantages of Using Tally GST Software in Small Businesses

The Goods and Services Tax (GST) was implemented by the government of India in the year 2017 to bring all forms of taxes, such as VAT, service tax, and others under one roof. The implementation of GST has reduced the percentage of tax levied on the sale of goods & services that have benefited small to large scale business owners. As GST replaced the indirect tax system, it also brought some challenges for small businesses like mandatory changes in business processes, record keeping, data handling, the training need for understanding the new tax structure, and a few others.

To help small businesses to overcome these challenges, we have Tally GST software that makes the calculation of taxes easier. The software helps businesses to keep their finances on track and manage their tax payments in a more simpler way than before. Tally GST software has some brilliant features that are of great use to small scale businesses, and some of them are listed below:

  • Easier identification, correction, and prevention of errors: The Tally GST software quickly identifies transactions with inaccurate or incomplete information and also provide assistance to rectify them. It will prevent errors at the time of generating bills. This will save time and money when you upload your returns on the GSTN portal and reduce the rate of GST rejection.

  • Manages reverse charge transactions: The software covers almost all scenarios of reverse charges like purchases from unregistered dealers, imports, and others. As a small business owner, you can make the required transactions with the help of the software and display the values in proper columns in the GST forum.

  • GST billing and invoice printing: Billing is an essential aspect of every business, and with the GST software, you can instantly print bills and invoices as per the GST format. It also provides room for printing additional fields as per the business needs.

  • Handling advance payments: Sometimes, the business receives advance payments for its goods and services on which GST applies. With the GST software, the small business owners can easily manage the advance payments and display them in separate and appropriate columns in the GST returns.

  • Handling advance receipt: As per the GST Act, tax is levied on the Advance Receipts, and the same requires to be displayed in GSTR-1 in a separate table. With Tally GST software, you can easily handle Advance Receipts and calculate the tax amount.

  • Filing GST returns: As a business owner, you require to file GST return on time. With the software, you can automate your tax returns and focus on your other business processes.

  • Manage multiple departments: As a business owner, you might have multiple departments that you need to manage from time to time. With the tally software, you can keep records of the accounts of different departments and file return accordingly.

  • Generate error-free GST return: The Tally GST software detects, correct, and prevent inaccurate and incomplete transactions in order to generate error-free GST returns. When you create transactions, the software will alert you in case there is any wrong tax type selection. Correction of transactions can be done with the help of the software to generate error-free data for your return.

Tally Integration can be done with excel, WhatsApp and other apps for a real-time sharing of relevant data that will help businesses to make quick decisions to get a competitive advantage. The Tally GST Software is widely used by all kinds of businesses for the correct recording of data at the transaction level itself and generates invoices and bills as per the GST format.

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