New Delhi: GST Network (GSTN) on Tuesday said it has partnered with eight billing and accounting software vendors for providing software to micro, small and medium enterprises (MSMEs), with an annual turnover of up to Rs 1.5 crore.
“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,” read a statement issued by GSTN.
The software would help create invoices, manage inventory, create account statements and prepare GST returns. It contains basic feature such as sale/purchase/cash ledger, inventory management, supplier/customer masters, generation of invoices, preparation of GST returns for free, while for services like bank reconciliation, account receivable would be chargeable.
“This is a step towards providing help to 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 Chief Executive Prakash Kumar said.
“GSTN on directions of GST Council has identified eight vendors to provide the Accounting and Billing Software without any cost to such taxpayers,” he added.
In January, the GST Council had passed a proposal of providing free accounting and billing software to small assessees up to Rs 1.5 crore turnover.