GST Network (GSTN) Tuesday said it has started offering free accounting and billing software to MSMEs with annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses.

This software would help businesses create invoices and account statements, manage inventory and prepare GST returns. The said software is available under 'Download' tab on the official GST portal www.gst.gov.in, GSTN said in a statement.

"GSTN has partnered with eight billing and accounting software vendors for providing software to the micro, small and medium enterprises, with annual turnover under Rs 1.5 crore, in a financial year without any cost to such taxpayers," the statement added.

Almost 80 lakh MSMEs with turnover of less than Rs 1.5 crore could benefit, it added.

The software providers offer basic features like sale/ purchase/ cash ledger, inventory management, supplier/ customer masters, generation of invoices, preparation of GST returns for free, while for services like additional feature like bank reconciliation, account receivable would be chargeable.

GSTN Chief Executive Prakash Kumar said the move will help MSMEs to move towards digital system so that their efficiency can be improved and their compliance burden can be reduced.

"Such taxpayers are nearly 80 per cent in number under GST regime and thus this step is going to benefit a large number of taxpayers. GSTN on directions of GST Council has identified eight vendors to provide the accounting and billing software without any cost to such taxpayers," Kumar added.

The GST Council had in January approved the proposal of providing free accounting and billing software to small assessees up to Rs 1.5 crore turnover.

Published On : 28-05-2019

Source : Business Standard.