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Top 4 GST software CAs should invest in

  • Highlights

  • One Source enables tax determination and compliance

  • SAP offers concept-based modules

  • Tally ERP 9 is designed for accountants

  • Reach Accountant offers chat-based support

After almost a decade-long discussion, speculation, and innumerable debates, the Indian government finally implemented a single indirect tax known as the Goods and Services Tax (GST) on July 1st 2017. This ‘One Nation One Tax’ regime recorded a GST revenue of Rs.1.03 lakh crore in April 2018. This amendment has proven to be a much-needed boost for economic revival while opening new avenues of practice for CAs.
However, this change calls for practicing chartered accountants to employ GST-ready software to meet operational and compliance needs not only for their own practice, but also for their clients. Here are some of the leading GST software available to chartered accountants practicing in India -

1. Thomson Reuters' OneSource

OneSource by Thomson Reuters is the only calculation to compliance software available in India providing a host of holistic and integrated solutions for your tax calculation needs. This software caters to your dual needs for tax determination and tax compliance.
You can undertake CGST, SGST, and IGST calculations as well as stay up-to-date with key happenings in India’s GST legislation. This software offers you the flexibility to accommodate 3 to 50 users.

For 50 users this tool is priced at Rs. 71,22,360. You can now fund software purchases of up to Rs.2 crore by availing a Loan for Chartered Accountants.

2. SAP

Systems, Application and Products, a well-known application service provider has introduced ‘GST in a box’, an all-inclusive solution for small and medium enterprises. Existing SAP users have the option to switch to the updated versions of like SAP ERP 6.0 (600) SP26 or higher version.
For SAP users utilizing TAXIJN procedure for tax calculation, now require switching to the TAXINN procedure, a concept-based procedure, unlike the previous formula-based procedure. Cloud-based SAP modules are priced at Rs.50,000 per year with the ability to process 2 lakh invoices/year, with unlimited users and 20 GST identification numbers.

3. Tally ERP 9

This is a popular offline accounting software specifically designed for accountants. ERP 9 includes modules like HR, payroll management, inventory management, billing and invoicing, supplier and purchase order management, tax management and product database.
Tally is a cost-effective software available in both, single user and multi-user categories. The single user version is priced at Rs.21,780, while the multi-user version is priced at Rs.65,340. However, do remember that for multi-user access you would require LAN connectivity and a stable IP address.

4. Reach Accountant

The simplest GST filling software available in India, Reach Accountant is ideally suited for tax consultants. This software boasts of dedicated chatbots to support users and solve any operational issues they might face.
The modules covered by Reach Accountant includes GST preparation, GST reconciliation, GST filing, import and export of data and also provides you access to e-learning platforms. You can avail the services of this tool by paying a sum of Rs.18,000 under the ‘gold package’ designed for use by multiple users.
If you plan to avail a loan for incorporating any of these GST tools, you can get a pre-approved offer from Bajaj Finserv without having to apply for a loan.

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