The Goods and Services tax, popularly known as GST, has transformed the Indian taxation system. It greatly benefits the MSME sector.
The number of new MSME registrations in India increased from 5 lakh to an impressive 1.5 crore in the fiscal year 2023-24. Although GST aims to simplify taxes, medium-sized businesses find it difficult to keep up with procedures such as submitting returns, issuing invoices, and managing documents.
This is where express GST software can play a key role in aiding MSMEs with an affordable and easy-to-use solution. In this article, we will discuss in detail what GST express is, its features, and how it can significantly benefit MSMEs across the country in their GST compliance endeavors.
What is Express GST Software?
Express GST is a leading GST software developed by K.D.K Softwares Pvt. Ltd, a reputed technology company specializing in indirect taxation solutions. The software streamlines GST compliance for businesses by integrating inventory management, accounting, invoicing, and return filing on a single platform.
With its user-friendly interface and intuitive design, even novice users can navigate through various GST-related processes like a pro.
Some key attributes of Express GST include:
- Pre-filled return forms that pull GST details from the user’s transactions automatically. This ensures accuracy is maintained without any manual errors.
- Businesses can view their input tax credit in an organized manner to plan their tax payments appropriately. Here are Top 5 Strategies To Save Tax At The Last Minute
- Express GST also enables real-time sync of invoices with GSTR-2A to verify inward supplies.
- Its strong MIS reporting and analytics help users make insightful business decisions based on their tax profiles.
Also Read:- What is GST Prime?
Key Features of Express GST Software
Gstexpress has a simple and well-organized user interface. Some of the most important features of express GST are provided below:
(GSTR-3B) Software for GST Filing
The GST express software streamlines the GSTR-3B filing process with multiple checks and business rules that identify errors and warnings early. Here are few steps to check and download GST Filing status. Users can verify if excess ITC has been claimed or if there is any liability under section 75(12).
(GSTR-1/IFF) To Import Data In a Single Click
Users can import multiple months of GSTR-2A/2B data in one click for centralized reporting. GSTR-1 includes a single-page summary view, making it easy to navigate large volumes of information. Over 100 built-in validations catch errors quickly to ensure accurate filing.
(GSTR 9) To View Auto Populated Data
The ExpressGST software makes the filing process for GSTR-9 much easier. It auto-populates relevant data from GSTR 1, 2A, and 3B returns to pre-fill most of the form. Users can easily compare book-level financial data with portal data, which is shown on the annual return.
GSTR 9C For Pre Populated Data
The reconciliation of financial records with returns is simplified through ExpressGST for GSTR 9C. Pre-populated GSTR 9 details simplify the data entry process, making it keyboard-friendly. Consolidated book data and GSTR 9 information can be compared directly on the screen.
How Does Express GST Software Benefit MSMEs?
Express GST offers many benefits to MSMEs, a few of which are provided below:
- Historical to-date GST Notice / Order & Replies: Users can view and access all past GST notices, orders, no objection forms, and replies in one place for quick reference, which eases the compliance burden.
- Comparison of GSTR1 / 3B & Books: The software matches GSTR1 and GSTR3B transactions with books of accounts and flags discrepancies to ensure accurate filing.
- Comparison Report of R1 with Sales Register: It generates a mismatch report between sales as per GSTR1 and sales book/register for verification and necessary adjustments.
- Sends Auto Reminder Mails to Suppliers/Clients of 2A/2B Mismatch: Auto-generated emails are sent to suppliers/clients about any mismatch between users’ inward supplies and suppliers’ outward supplies to get timely corrections.
- Split or Incorrect/Personal Use ITC: Users can split/reject ineligible ITC, such as personal usage or the wrong HSN classification, through the platform itself. Know What is HSN for GST?
- Defer ITC Input to Next Month: If businesses cannot use ITC in the current tax period, they can defer it to the next tax period.
- Auto-generate GSTR3B: Draft GSTR3B is automatically prepared by pulling transaction details into predefined fields to save time.
- Direct GST Portal Login: Provides single sign-on access to log in and interacts with the GST portal for downloads/uploads of documents such as a no objection certificate or no objection form as required.
- Multiple Logins Simultaneously: The software allows advisors and accounts teams to log in simultaneously for collaborative tax compliance.
- Get Ready Return Register: The master return register gets auto-populated for easy compliance and reference during inspections/audits.
Also Read:- Proven Strategies To Minimize GST Penalties
Takeaway
To grow in the competitive environment, MSMEs need to optimize their available resources and derive maximum value from them. However, everyday administrative work related to bookkeeping, inventory, auditing, and tax compliance wastes productive hours. Gst express is the best solution that empowers MSMEs to streamline operations and focus on the core tasks of growing businesses.
FAQs
- What is ExpressGST software?
ExpressGST is a GST compliance software that streamlines return filing, invoicing, inventory, and accounting on a single platform using an intuitive interface.
- How can ExpressGST help MSMEs?
By automating repetitive GST tasks like return preparation and reconciliation, ExpressGST can save MSMEs time and costs while ensuring compliance.
- What are the key features of ExpressGST?
Some important features include validation rules for accurate return filing, single-click data pulls for pre-filled returns, and powerful reconciliation tools to analyze mismatches quickly and make informed tax decisions.