The Goods and Services Tax Network on Tuesday said it has started offering free accounting and billing software to micro, small and medium enterprises with annual turnover of up to Rs 1.5 crore, in a move that would benefit about 80 lakh MSMEs. This GST MSME software would help small businesses create invoices and account statements, manage inventory and prepare GST returns. The said software is available under 'Download' tab on the official GST website, 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 from the GST MSME software, it added. The GST MSME software providers offer basic features like sale, purchase, cash ledger, inventory management, supplier/customer masters, generation of invoices, preparation of GST returns for free. Services like bank reconciliation and account receivables would be chargeable. GSTN chief executive officer Prakash Kumar said the software will help MSMEs to move towards a digital system so that their efficiency can be improved and their compliance burden can be reduced. "Such taxpayers are nearly 80 percent in number under GST 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 said. The GST Council had in January approved the proposal of providing free accounting and billing software to small assesses up to Rs 1.5 crore turnovers.
Source:bloombergquint