How To Manage Multiple GSTINs With One Software?

Each business owner that deals with goods and services within India must obtain a GST Registration. This is a basic requirement for Indian businesses to comply with tax laws. Getting several GSTINs is often necessary for someone who has branched out an office in multiple states.

Multiple GST profiles require a lot of management, which is difficult and demanding for business owners.

For this reason, we added support for multiple branches to Ankpal. Now, you can expand your organization's GSTIN count, link more GSTINs to specific branches, use reports to get financial insights, and submit GST returns for every GSTIN in one location.

Understanding Multiple GST Profiles

A lot of business owners have to register their businesses separately for GST. In such instances, each registration is given a unique GSTIN. The GSTIN is a special identification number that aids in the tax authorities' tracking of individuals who have registered for GST. There are various situations listed below where you can want more than one GST profile:

For different legal entities

You will want a different GST registration profile for each of your two firms, assuming they are registered as entirely independent entities. This regulation is relevant even in cases when both of these companies operate out of the same office building.

For Multiple Business Verticals

A business owner would frequently manage three or four distinct verticals or brands under one legal entity. However, a distinct GSTIN will be needed as soon as company activity in the verticals diverges.

Multi-State Operations

This is the situation that applies the most frequently. A business owner must obtain several separate GST registrations for each state in which their business operates if they operate the same business in many states.

Issues in Managing Multiple GST Profiles

How To Manage Multiple GSTINs

Software As a Solution

Your entire accounting and invoicing procedure can be simply streamlined with a single program that manages many GST profiles. Thus, it's simple to be informed about every profile.

Consult an Expert

Experts always know what to do, thus you should always speak with a CA or GST specialist before making any snap decisions or actions. They can help you navigate the challenges and expedite your GST filing for multiple registrations. They may also caution you about the legal requirements.

Internal Regulation

Errors are easily avoided when a well-defined process is in place for handling and processing the finances in each of the several GST profiles. Maintaining a history record for each GSTIN is also aided by this.

Advantages of Using a Single Software for Multiple GST Profiles

Easy Compliance

Multiple processes must be followed to comply with the GST requirements, including completing returns, maintaining accurate records of invoices, performing error-free tax calculations, accurately applying GST rates, etc. For even a single GSTIN holder, this causes issues. We can only imagine the struggles users face when registering more than once.

You can effortlessly streamline all of your profiles by using a single software. So, you won't need to spend hours browsing the database to handle every account.

Reminders and Automation

Managing bills, processing inventory management, and registering new sites can all be automated using software solutions for various GST profiles. It also manages filing returns and gives out reminders for all the various due dates. Consequently, everything is easily streamlined.

Invoice Management

According to the regulations that are relevant for each GSTIN, different GST profiles will call for different invoices and information. Many mistakes can occur when these invoices are created, processed, and stored by hand. Therefore, you can handle all of your invoices in one location with GST billing software.

Tax Calculation

The software calculates taxes for each of the multiple profiles in addition to automating invoices. Additionally, it makes it simple to keep track of the many claims made to the GST department for ITC, etc.

How To Setup Multiple GST Profiles in a Single Software?

Software Selection

Selecting the preferred GST compliance software is the first task that needs to be completed. Because the software you select will also have access to your data, you must choose carefully.

Account Configuration

After choosing the program, you must register and set up a profile for your business. Next, search the settings for choices to add a new company or details about the firm. Enter the required information and GSTIN. For all different registrations, proceed as follows.

Customization of Profiles

Additionally, you can personalize each of the many profiles to facilitate information tracking.

Wrapping It Up

You will either have to keep up with the economy's rapid growth or risk falling behind. So make a wise choice. Managing a firm requires not just taking care of administrative tasks but also concentrating on growth initiatives. But to accomplish it, you must rid yourself of the trivial problems. You can free up a lot of time for reviewing your finances and making appropriate plans for future budgets by switching to GST accounting software.