Home / ClearTax GST Software
Updated on 28 Oct 2020 9.00 AM IST | 4 min read
Overview of ClearTax GST Software
Founded by 3 friends namely Archit Gupta, Srivatsan Chari and Ankit Solanki, ClearTax is largest tax filing platform in India having more than 20 Lakh returns filed through it every year. Known as a community which believes in growing together, ClearTax has built softwares like TaxCloud and ClearTax GST with the help of financial experts and Chartered Accountants in order to help later to do filing and GST scaling at scale.
ClearTax GST is nothing but a cloud based software which was developed by the firm in the year 2017. It was when the Indian government announced GST compliance as a mandatory procedure; ClearTax launched ClearTax GST in order to simplify GST for businesses and it was within matter of time when it became largest GST solution in India with approximately 80,000 businesses opting for it and more than 8% of GST returns were being filed through it.
As mentioned above, ClearTax GST is a cloud based computing software which is developed and maintained on internet and empowers its users with the following features:
ClearTax GST Features:
- It helps to sync the work done offline and its backup on connectivity with the internet.
- Its users need not worry about finding and downloading the updated version of the software because ClearTax GST provides them with an updated version of the software as and when available.
- It gives an easy access to the software from anywhere and at any point of time without worrying about the internet connectivity.
When GST was introduced, not many were aware of how to go about it and implement the concept of One Nation One Tax because although not a new concept, it for sure forced the businesses to understand and implement it in their processes and thus ClearTax was quick enough to understand that a good GST software is the need of hour, that not only can help people to understand the very common yet new concept of GST but also make GST filing no more than a cakewalk and launched a first-of-its kind multi-GSP i.e. GST Suvidha Provider taxation solution. The launched software is expected to handle more than 1 billion invoices generated after the GST rollout and is designed to provide various innovative and convenient ways, using which the taxpayers and other stakeholders can interact with the GST systems including registration of entity and uploading of invoice details and filing of GST returns. ClearTax was aware of the complexities involved with GST compliance considering the very fact that GST is quite particular when it comes to its deadlines for compliance and thus they have come up with GSP to ensure that the businesses can file their GST return every time well within the deadline. GST Suvidha Provider is also believed to solve the problem of single point of failure where a single GSP can become point of failure for the business in case the server goes down.
Other than GST Suvidha Provider, ClearTax has also launched billbook software in order to facilitate small and medium businesses in order to help them in understanding GST. ClearTax mainly focused on the small and medium businesses, also known as SMEs because of the very fact that there are more than 3 million SMEs in the country and they contribute more than 50 percent of the total industrial output and 42 percent of the country’s total export. Also SMEs plays quite a vital role in generating employment and thus ensures a balanced development across sectors and geographies.
As mentioned above, GST Billbook was developed to assist small and medium businesses (SMEs) and supports key features needed for SMEs such as recording of discount, freight, insurance and package handling charges and creating a sales invoice. It also has features to support GST complaint features such as delivery Challan, e-way bill, advance payment and record purchases and expenses. ClearTax GST Billbook can be downloaded from the company’s website free of cost and works both offline and online and can be used to prepare GST complaint invoices. With the introduction of Billbook, ClearTax aims to reach out to 1 Lakh to 10 Lakh SMEs in a time span of 12 months.
Detailed Features of ClearTax GST Software
ClearTax GST Billbook was launched to make GST compliance easy for the small and medium businesses and includes unique features such as identification of integrated vs State GST, which eliminates the tedious task of uploading to GST network every month.
Other interesting features of ClearTax GST software is as below:
- Cloud based software: Considering the very fact the ClearTax GST software is a cloud based one, it does not require a desktop system for its installation and can be downloaded as an offline software or mobile app or desktop website and thus saves its users from worrying about any additional cost related to its installation and other related utilities. It, being cloud based software allows its users to login from anywhere and at any point of time.
- Integration of multiple accounts: ClearTax GST software makes it easy for its users to import voluminous data through excel or templates, in case they are dealing with more than one client or business. Features such as filter and bulk selection makes it even more user as well as work friendly.
- Auto-check of invoices: GST is known for its complexity and stringent deadlines and one need be quite careful while filling GST complaint invoices because there are more than 20 fields such as HSN code, GSTIN of supplier etc that need to be filled and uploaded on the GSTN portal every month. ClearTax GST software ensures that all mandatory fields are accurately filled and in case of an error, it gives out a notification for every error made in the invoice.
- ClearTax GST software allows you to add your company’s logo in your invoice.
- It has a unique feature of detecting an unregistered vendor and in case you try to opt for one, it will automatically classify the invoice as reverse charge transaction.
- It allows you to add and edit GSTIN and Place of Supply of your customer while you are creating the invoice.
- You can either continue with default serial no. sequence or can also reset your invoice sequence.
- Accurate rates: In order to create a correct GST complaint invoice, it is important to fill the rates correctly because wrong determination of rates may lead to payment of interest and penalties. ClearTax GST software fetches the correct rate as per the HSN number and populates the invoice automatically and thus not only saves it users from any kind of interest or penalties but also saves them from stress of fetching the correct rate and feeding it every time they create the invoices.
- Master database: ClearTax GST software gives you an option to create a contact master data of all your contacts with details such as customer name, customer GSTIN, billing and shipping address and place of supply. It also allows you to create a master data of all items of goods and services with details such as description of goods and services, types of item i.e. whether a good or service, HSN number and unit price.
- GSTIN collection: As a part of GST mandate, it is mandatory to issue GST complaint invoice to its customers with GSTIN mentioned on the invoice. However not every user have GSTIN of all their customers and this is where ClearTax GST software pitch in and gives a way out to collect the GSTIN number from their customers by following easy steps.
Who Should Use ClearTax GST Software?
As mentioned above, ClearTax has designed its GST software primarily for the small and medium sized businesses. Apart from SMEs, ClearTax GST software can be used by an individual, startups, agencies and enterprises.
Pros and Cons of ClearTax GST Software
ClearTax GST software has its advantages and disadvantages as listed below:
- It helps an accountant to get listed under GST and thus helps in creating GST complaint invoices.
- It is self-understandable i.e. you can understand the software and its features by opting for its free e-learning solution.
Cons: It is not considered and known as a business specific tool and can only be used by the accountants.
ClearTax GST Software FAQ's
- Invoice number and date
- HSN Code
- Taxable value and discounts
- Place of supply
- Shipping and Billing address
- Signature of the supplier
- Rate and amount of taxes such as CGST, SGST and IGST
- Name of the customer
- Details of item
- Select the customers from whom you want to collect the GSTIN.
- ClearTax GST software will send them an email and a SMS to the selected customers.
- Those who have got the mail are required to fill up the form and submit the webpage.
- The data will automatically be populated in your contact master list.
Final Thoughts on ClearTax GST Software
Clearly ClearTax GST software has earned its name as a highly capable software capable of carrying out everything with great accuracy in the least time and maximum of its users swear by its enriched features which allows them to file their GST within no time. However, it still has to go a long way and make itself more compatible with other operating systems such as Windows and iOS and other web browsers.
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GSTR 3B for August 2020 (22 States/UT’s - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi) Oct 3rd, 2020
GSTR 1 for September 2020 (turnover more than INR. 1.50 Crore) Oct 11th, 2020
Monthly GSTR 6 for September 2020 Oct 13th, 2020
Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for September 2020 Oct 10th, 2020
Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for September 2020 Oct 10th, 2020
CMP 08 for July to September 2020 Oct 18th, 2020
GSTR 5 (Non-Resident Foreign Taxpayers) Monthly Filing Due Date for September 2020 Oct 20th, 2020
GSTR 5A (Non-Resident OIDAR Service Provider) Monthly Filing Due Date for September 2020 Oct 20th, 2020
GSTR 3B for September 2020 (Annual Turnover of more than Rs 5 Cr in Previous FY) Oct 20th, 2020
GSTR 9 and 9C (Annual Return) FY 2018-19 Dec 31st, 2020
GSTR 1 (Quarterly) for July to September (Summary of outward supplies where turnover is upto Rs 1.5 crore) Oct 31st, 2020
Annual GSTR 4 for FY 2019-20 Oct 31st, 2020