New Delhi, May 29 (KNN) Goods and Service Tax Network (GSTN) has announced that they have partnered with eight billing and accounting software vendors for providing software to the micro, small and medium enterprises (MSMEs), which are having annual turnover of less than Rs 1.5 crore.

This free accounting and billing software to MSMEs would benefit about 80 lakh small businesses and software would help businesses create invoices and account statements, manage inventory and prepare GST returns.

This software providers offer basic features like sale/ purchase/ cash ledger, inventory management, supplier/ customer masters, generation of invoices, preparation of GST returns for free, while some of the services like an additional feature like bank reconciliation, account receivable would be chargeable.

One should know that the said software is available under the 'Download' tab on the official GST portal which is www.Gst.Gov.In.

GSTN Chief Executive Prakash Kumar said “the move will help MSMEs to move towards digital system so that their efficiency can be improved and their compliance burden can be reduced.”

He added that such taxpayers are nearly 80 per cent in number under the GST regime 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.