Latest Trends in GST- 2024

Latest Updates in GST- 2024

As we step into 2024, several new trends in GST are emerging that promise to further enhance the ease of doing business in India. Let’s dive into this trend and how they can benefit the business, with a particular focus on the integration of Quarto ERP, an advanced enterprise resource planning system.

 

Key Trends in 2024

  • The Launch of New E-way Bill Portal.

E-invoicing and E-way Bill Integration: The launch of the new E-way Bill portal in GST marks a significant advancement for businesses involved in interstate transportation of goods. This updated portal promises enhanced efficiency and ease of use, aiming to simplify the generation, management, and tracking of E-way Bills.

With the mandatory implementation of e-invoicing and e-way bills for specified businesses, Quarto ERP facilitates seamless integration with these systems. It generates e-invoices compliant with GST guidelines, incorporates unique invoice reference numbers (IRNs), and helps businesses generate e-way bills for inter-state movement of goods. This integration enhances visibility and compliance across the supply chain, contributing to smoother logistics operations.

Also read :- Navigating the waves of GST

  • A mobile app for producing e-way bills has been improved for both Android and iOS devices.

The GST portal mobile app has made it easier for businesses to file returns, track payments, and manage compliance on the go. Here comes the advantage of using Quarto ERP Mobile app. Quarto mobile app allows business owners to handle their operations from anywhere. Whether tracking invoices, then managing inventory, or monitoring transactions.

For more information read :- Custom Mobile ERP solutions 

  • Taxpayers can now check their physical verification status through the ‘Track Application Status’.

This capability allows businesses to monitor tax documentation progress in real-time, ensuring compliance and reducing uncertainties. By simplifying regulatory adherence, businesses can allocate resources more effectively, fostering transparency and supporting growth in the business environment. 

One of the key features of Quarto ERP is its ability to automate GST computations across various transactions. Furthermore, regardless of whether it’s sales invoices, purchase orders, or inter-state transfers, the ERP system calculates GST liabilities accurately based on the applicable tax rates and rules.

Read the full blog about how GST works in Quarto ERP:-  Seamless transition to GST with Quarto.

  • The GST government has recently included Dhanlaxmi Bank as a new option for processing GST payments on the official GST portal.

Enhancing payment options, the GST government added Dhanlaxmi Bank to its portal, providing taxpayers increased flexibility. This inclusion aims to streamline the process of GST payments, making it more convenient for businesses and individuals alike.

Quarto ERP’s financial module is a robust tool designed to streamline business financial operations. It offers features such as accounts payable, accounts receivable, general ledger, and financial reporting, all integrated into a single platform. Essentially, this module automates tasks, ensures compliance, and Quarto ERP provides GST-specific reporting.

In 2024, enhanced e-invoicing, simplified e-way bills, and mobile apps will revolutionize India’s GST landscape and business operations.

Quarto leads this transformation by providing an integrated solution for GST compliance and improved operational efficiency. Integrating e-invoicing, e-way bill management, and a robust mobile app, Quarto ERP has empowered businesses since 2004.

For more information on how Quarto ERP can help your business stay ahead of the curve, visit Quarto ERP.