Lifetime Top Free Accounting Software with GST Features in India for 2024

Goods and Services Tax (GST) is applicable to goods and services that exchange hands for domestic consumption in India. The tax is levied on customers who pay it to businesses, which is then remitted to the government based on predetermined tax rates.

Indian businesses come under the purview of GST and they must adhere to rules under the law. A cursory reading of the law includes accounting for GST, filing GST returns, and maintaining proper records.

While introduced to ease the taxation system in India, the multiple tax slabs, refund issues, lack of proper anti-profiteering mechanism and technical glitches make accounting difficult. Hence, you need a good accounting software compatible with everything related to GST.

Key Features of Free Accounting Software With GST Management

An accounting software helps businesses manage, analyse, maintain, and report their financial transactions specific to their operations. Manually calculating everything related to GST accounting is a cumbersome task, but when you use a GST free accounting software, things get much easier.

From accelerating critical financial processes to closing books, filing GST returns, etc. the right accounting software will streamline account management, update, and all the processes. Here are the key features you must look for in the software for GST accounting.

• Automated GST Calculations

The software has in-built support for varying GST rates based on different types of goods and services. It also includes Harmonized System of Nomenclature (HSN) codes or the Service Accounting Codes (SAC). The ideal software for GST accounting must automatically differentiate between standard, reduced, and exempt rates.

Since all the GST rates are preseeded into software, it automatically applies them during calculation. Not only this speeds up time consuming processes, it also ensures every account is accurate and you won’t have to manually calculate the GST returns.

• GST Return Filing

Choose the software that prepopulates GST returns data based on recorded transactions, effectively reducing manual errors. It’s mandatory for an accounting software with GST integrations to generate accurate GSTR-1, GSTR-2, and GSTR-3B forms, among others.

Moreover, look for additional features like filing reminders, alerts, and notifications based on predefined deadlines. Lastly, look for error validation within the software which will check the returns before they are filed and flags inconsistencies.

• Input Tax Credit (ITC) Management

Even in a lifetime free accounting software, look for functionalities like reconcile ITC claims using the GSTR-2A form and eligibility checks according to the updated rules. Such features can ensure you are filing accurate claims and prevent errors. Moreover, for businesses dealing in exempt and taxable commodities, the software must help calculate ITC on a pro-rata basis.

• Multi-GSTN and Multi-State Compliance

GST rules tend to change across states and you need a software that must make complying to state-wise rules easier. Use a software that can help create reports and filing multiple GST registrations. Moreover, it should help check, track, and segregate transactions on a state-by-state basis.

• GST-Based Invoicing System

Since GST-based invoicing is different from other forms, the software you use should comply with GST standards. This includes having space for GSTIN of buyer and seller, HSN/SAC codes, tax rates, and breakdown of CGST, SGST, and IGST. Similarly, for businesses dealing with exports and imports, it must help generate invoices with zero-tax rate support and LUT without IGST.

• GST Report Generation and Analytics

Finding reporting and analytics features in a free accounting software with GST is rare, but you will get it with Mocha. Reporting and analytics is required to understand tax liability, payment history, transaction wise GST-breakdown, and generate audit reports.

Additional Features of an Ideal Accounting Software

In addition to GST-specific features, an ideal accounting software must also have the following features;

1. Reconciliation of sales and purchase ledgers;
2. Invoice matching;
3. E-way bill generation;
4. Reverse charge mechanism automation;
5. Vendor management
6. Compatibility with cloud storage;
7. Third-party integrations.

A GST-compliant accounting software should have all the features you need to streamline GST management. But that’s not all. Go for a solution that helps automate repetitive tasks and generate real-time reports while ensuring compliance.

Why Choose a Lifetime Free Accounting Software?

A free accounting software with GST compatibility is a great option for small businesses, freelancers, and startups. Given the transaction volume of large organisations, a free software cannot fulfil their needs due to preset limitations.

However, even in a free software you will get access to basic and some advanced features including automation, error identification, collaboration with third-party software, among others.

Mocha is one of the best GST free accounting software you must check out if you need access to basic and advanced accounting features without spending even a single penny. Here’s all you need to know about Mocha accounting software.

Introducing Mocha, GST Free Accounting Software

Mocha is designed to help businesses streamline their accounting work using advanced features and working with an intuitive interface. Enabled with automation features, Mocha Accounting enables small businesses and startups to set up their accounts with ease and without any professional assistance, which saves you money and a lot of time.

If that’s not all, Mocha Accounting also lets you customise the dashboard, Chart of Accounts, Transaction Categories, and much more to ensure the software works according to your requirements. Here are GST-friendly features you’ll find in Mocha Accounting lifetime free accounting software.

• Invoicing: Generate GST-compliant invoices with Mocha easily as the software automatically calculates tax rate and adds them to the invoices. Moreover, assign relevant HSN/SAC codes to the products through in-built code search modules. It supports multi-currency transactions, so no matter your client’s location, Mocha can generate invoices for any occasion.
• Sales: All sales data is extracted with the vendor’s GST details to ensure you can generate invoices, sales tax, and reports accurately. Along with easy to locate HSN codes, Mocha Accounting also lets you automate reminders to customers so that you won’t have to chase them for completing invoices.
• Purchase Orders: Manage all purchase orders from a single place while keeping track of GST details of all the vendors. Doing so ensures all tax inputs are recorded accurately, ensuring smooth reconciliation.
• Expenses: Expense management in Mocha Accounting includes GST breakdowns. This means you can track input tax credits, which helps file accurate ITC returns.
• Billing: When you create bills in Mocha Accounting software, the GST details of vendors and customers are automatically updated in the invoices. With Mocha, you can also set up reminders to pay bills on time.
• Reporting: Generate detailed reports for taxation, expenses, banking, sales, among others and get information and insights in real-time.

Mocha Accounting comes jam packed with all the features and functions you will need to maintain GST accounts, filing, and reports.

Comparison with Other GST Free Accounting Software

GST is integral to the Indian business economy and every accounting solution built for Indian businesses must have the features to manage everything related to GST. We have already learned that Mocha has all the necessary and advanced features you need to streamline your GST accounting and management. Well, here are a few other software you can check out for GST management.

• Zoho Books

Zoho Books offers a free version of their software to businesses earning less than INR 50,000. Businesses can file GST returns directly through the software and also use features like GST-based invoicing, inventory management, expense tracking, banking reconciliation, and GST report generation. While all these features are available the fact that Zoho Books is available for free only for a few businesses is challenging.

• Vyapar

Vyapar is specifically built for Indian businesses who need compliance with GST and all the related functionalities. From invoicing to sales, purchase, expenses, billing, banking, and reporting, every feature has advanced level GST support. Given its features Vyapar is more suited for retail and small businesses.

• QuickBooks

A popular name in the accounting industry, QuickBooks India has upgraded to include GST-related functionality, featuring automated GST invoicing, tax calculation, and GST returns filing. You will also get robust taxation features that will completely overhaul your invoicing, sales & purchase orders, inventory, and banking management. However, QuickBooks is now Intuit Quickbooks.

• Odoo

Odoo’s USP is its customization capabilities. Even its free version gives you several customization options while ensuring you stay GST-compliant. You will find seamless management capabilities of invoicing, sales, purchase, inventory, banking, and reporting capabilities. Since it’s a customizable solution, you can always start with the free version which has limited functionality and switch to paid plans as the business grows.

Software	Free Trial	Cloud Deployment	Ideal for Business Type	Customer Support	GST Compliance
Mocha Accounting	Yes, but with limited features.	Yes	Small and Medium Businesses and Startups	Email, chat support	Basic GST invoicing, reporting, and compliance.
Odoo	Yes, 15 days	Yes	Medium to large businesses, customizable ERP	Email, live chat, community forum	Customizable GST modules
Vyapar	Yes, but for 30 days.	Yes (desktop & mobile)	Small businesses, retail shops	Email, phone, chat	Full GST compliance, including invoicing, reporting, and returns
QuickBooks	Yes, but for 30 days	Yes	Small to medium businesses	Email, phone, live chat, community forum	Full GST compliance, automated invoicing, tax calculation, and filing
Zoho Books	Yes, but 14 days	Yes	Small businesses, freelancers	Email, chat, phone, self-service portal	GST compliance with invoicing, filing, and reporting

Benefits of Using Mocha Free Accounting Software with GST

As you can see from the table above, Mocha Accounting is indeed one of the best free accounting software with GST-friendly features. Here are a few thing other things you should know Mocha Accounting;

• Accurate and Precision Reporting: Mocha Accounting streamlines the process to generate accurate financial statements and reports on time. With Mocha, you can track key metrics and make data-driven decisions to ensure your business operates on the right path. You can also share reports with the team and third-parties through secure links generated from within the software.
• In-Built Automation Tools: With Mocha, you can automate creating and sending of invoices, wherein you can also set recurring invoices for regular clients. In addition to this, once you set up banking accounts, Mocha will automatically pull transaction data and categorise expenses to reconcile accounts. You can also automate payment reminders, purchase orders, and inventory management with Mocha.
• Seamless Customization: Considering the fact that all businesses are unique, Mocha Accounting allows customising charts of accounts to transaction categories and others to ensure the software functions according to your needs.

Key Takeaways

Access to free accounting software with GST is not just a convenience for small businesses. Instead, it’s an essential tool for business growth. Good software streamlines compliance, automates critical processes, and offers real-time insights. All of these contribute to smooth cash flow management and ensure your accounts are scalable as needed. Additionally, the automation features built-in Mocha Accounting software free up your resources, giving you more flexibility and time to think about strategic growth.

Invest in the right solution from day one to see effective results in the future. Start using Mocha Accounting today and start your 30-day free trial, or you can schedule a demo with a Mocha expert.