ClearTax, an income tax returns e-filing and enterprise compliance service provider, has launched a billbook software to assist small and medium businesses (SMEs) in the country get GST-ready.
The GST Billbook is a free of cost software platform that works both online and offline and can be used to prepare GST-compliant invoices. It will be available on the company’s Web site, mobile site and a soon to be launched app. With this Billbook, ClearTax plans to reach out to 1 lakh SMEs in the next 90 days and to 10 lakh SMEs across the country over the next 12 months.
“The GST billbook supports key features needed for SMEs such as, creating a sales invoice, recording of discount, freight, insurance and package handling charges. In addition to creating sales bills, it can be used to record purchases and expenses under GST regime. It will also support other documents mandated by GST such as delivery challan, e-way bill, advance payment receipts etc” said Archit Gupta, Founder and CEO ClearTax.com.
“There are about 3 million SMEs in India contributing almost 50 per cent of the total industrial output and 42 per cent of India’s total exports. These SMEs have been highly instrumental in generating employment and ensuring a balanced development across sectors and geographies. The Bill book for SMEs is a completely electronic solution to help these businesses do GST compliance in the simplest manner with minimum interventions” added Gupta.
The GST billbook will automatically identify Integrated GST vs State GST in the invoice and help in curbing the tedious task of uploading to GST Network every month. It can accommodate business scenarios such as operating in different States in India, or engaging in imports and exports or B2B or B2C billing. The software also has the competency to handle debit/credit notes and advance payments.