After almost a decade-long discussion, speculation, and innumerable debates, the Indian government finally implemented a single indirect tax. This tax is known as the Goods and Services Tax (GST) and it was introduced on July 1, 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. It also led to the opening of new avenues of practice for CAs.
However, this change also calls for employing GST-ready software for practising chartered accountants. The GST-ready software enables CAs to meet operational and compliance needs for their practice and their clients. Here are some of the leading GST software available to chartered accountants practising in India:
1. Thomson Reuters ONESOURCE
ONESOURCE by Thomson Reuters is a leading compliance software available in India. It provides comprehensive 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 with the software. It also helps to stay up to date with key happenings in India’s GST legislation. This software offers you the flexibility to accommodate multiple users. Now, fund software purchases with the help of a high-value loan for chartered accountants.
2. SAP
SAP is a well-known application service provider. SAP offers cloud-based ERP solutions for businesses. Their latest cloud ERP comes with AI and analytics capabilities. SAP Tax Compliance is software that comes with the processing power of the SAP Hana platform. You can use the software for centralisation and automation of tax controls. This software can help you to meet your tax management needs and improve tax compliance.
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, and billing and invoicing. The software also supports CAs with 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. You can choose from rental plans or perpetual plans. The single-user version of TallyPrime starts at Rs. 8,496. The cost of a multi-user version starts at Rs. 25,488. Perpetual multi-user license plans can cost more than Rs. 60,000. Also, you would require LAN connectivity and a stable IP address for multi-user access.
4. Reach accounting software
Another leading GST filling software available in India is reach accounting software. It is ideally suited for tax consultants. This software provides dedicated chatbots to support users and solve any operational issues they might face.
The software modules covered include filing GST returns, bank reconciliation, invoicing, and more. For your business, you can choose from single-user or multi-user plans. The customised ERP software plan for accountants with unlimited users costs Rs. 18,000.
If you need funds to purchase GST software for your CA firm, check out our loans for CAs.
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