The advent of the GST reporting tool is a blessing to the entire taxpayer’s community. And undoubtedly it will also help the government put a dead stop on the evasion practices in India.

1. The Conventional Performance of GST
Reporting Tool
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The Goods and Services Tax has rolled-out a year ago and has set an
incredible benchmark of the taxation in India. Resolving all the ill-effects of
the earlier taxation system, GST has brought uniformity in the way the
taxpayer has been paying taxes until now. Even the people showed a
tremendous support to the regime as more than 1.3 crores businesses
registered under the new taxation regime.
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It is already well-known fact that the Goods and Services Tax Act had a
rough beginning. The people weren’t able to comply with the regime due
to its complex nature. But the advent of GST reporting tool increased the
credibility of the GST regime. Easing the entire process of the taxation, the
IT sector gifted the people with a much-awaited tool.
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Who shares the credit?

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What became easy?
Stating the obvious, it could be said that the entire taxation regime got
simplified. The IT industry foreseeing the complexity in the structure of the
Goods and Services Tax Act made a robust tool that had the capability to
cancel every problem out.
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The taxation processes that became easy due to the tool are:
1. User registration
2. Return filing
3. Tax calculation
4. Invoice preparation and matching
5. Credit compliance
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Let’s take a look at how these processes got eased out:
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User registration
The user registration is the root of the entire taxation compliance. However,
registering by using the government provided portal is time-consuming. But
the high-end technology integrated with the Dynamic GST reporting tool
would make the registration within seconds.
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All that the taxpayer needs to do is upload the personal and business
related documents like PAN card, business registration and address proof,
and bank account details. Once uploaded successfully, the registration
would be completed in no time and the GSTIN number would be received
by the user.
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Return filing
Under GST, the process of return filing is the most hectic one as it needs to be
done 37 times in a financial year. Moreover, it involves the deadlines that
come thrice in a month. While using a GST tool for the return filing process, the
user is only required to upload the invoices.
Then the tool automatically files the return as it could be scheduled. And also,
the user is not required to repeat mention the names of the businesses. The
automated mechanism picks the name from the archive section.
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Tax calculation
The tax under GST is spread over five different
tax slabs. Such unique categorization of the
goods and services under tax percentage
makes it difficult for the taxpayers to calculate
the payable tax. In addition to the tax
calculation, the tool has the entire list of the
goods and services with the tax category in
which they fall. And since GST is destination-
based, the tool also helps in finding the unique
HSN/SAC code for each sale/purchase.
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Without correct invoices, one cannot do correct taxation under GST. But
the manual process is hectic and frustrating as all the sale/purchase
invoices must be uploaded in order to retrieve the right taxable amount.
The GST software eases the process as it prepares the invoices in bulk.
And not only the preparation of invoices but also the accuracy of the
numbers is ensured.
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Invoice preparation

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Again the manual process to claim the refund is time-consuming. But the
tool is structured in a way that it sends data directly to the GSTN portal.
Such fast documentation process guarantees timely refunds.
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Credit Compliance

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The advent of the GST reporting tool is a blessing to the entire taxpayer’s
community. And undoubtedly it will also help the government put a
dead stop on the evasion practices in India.
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