How to make your business GST compliant?

GST compliant business is a business as it is beneficial in various ways for example it helps you avaid a huge sum of tax bill and also saves you from late payment penalties.

However, we are here to discuss how to make your business GST compliant.

1. Check the impact of GST on IT and your accounting systems. After the results you will require to modify the system or might even have to replace it. You can approach software development companies to make this an easier process.

2. Learn from the practices of other countries. A business can be prepared for it by learning about GST and understanding how the tax system works and what you may require to change in your business.

3. Making your business GST compliant is going to have an effect on all the connection that you have. Thus it is important to make all your connections like vendors, suppliers and other networks aware of what changes GST might require. Like new invoicing rules, how the taxation will be handled and how the business process might have to move accordingly.

4. You cannot keep using your old ERP software once you make your business GST compliant thus you will require upgrade it to adjust with GST. It might be expensive to upgrade your system but it I important and useful for the long run as you will be bale to enjoy all the benefits of GST.

5. Find out which modules of your software will have to be changed after the GST is implemented. Make yourself very clear about what are the modules that will no longer be useful and how is your software going to be affected with the implementation of GST. This will give you the clear picture of which modules will have to go.

6. Your company will require to familiarize the finance department, legal department and other departments with the common portal to provide training from time to time.

7. It will require for you to engage with the government. Especially if you have a big business then it will require for you to engage with the finance ministry and other formalities. This is required for the smooth functioning of your business and so that you have a thorough knowledge about GST and can implement it

8. Just as your ERP your backend system will also require an update. It has to be updated in order to help in obstacle free transition of GST.

9. It is a challenge to make your business ready for GST hence it is important to set up milestones and keep its progress under watch. In case the implementation deadline is extended the progress can have a relaxed but in case it is not the original deadline must be kept in mind for its progress.

10. Getting ready for GST compliance may lead to internal process disruption. But you will require to explain to your employees that it is temporary and why it is necessary to implement GST and educate them on it”™s requirements and benefits.

Reach accountant

Reach is a GST ready software that is user friendly and easy to implement. It has several products like ERP, CRM, POS, accounting, etc. It is a GST ready software hence you do not have to worry in changing or modifying your software to be GST ready.

Reach can be used for any size of business and is extremely easy to use thus your implementation period will also be shorter. It is feature reach and provides useful addons and also allows customization without payment unless it is a requirement that only your business is demanding.

For 15 days free trial of Reach accountant software click on >> Demo

Sumathi

I’m a tax expert with over 10 years of professional experience. I’ve gained practical insights on GST and other Taxes during my tenture as a Tax expert and GST Trainer in Reach Accountant.