You are a business owner and you should make sure you comply with the tax regulations in your jurisdiction. In this case, you should use tools like TaxCloud to file your GST and even handle your taxes. Keep reading to learn if the tool is free or paid.
What is TaxCloud India?
TaxCloud India is the software that handles your taxes. It is a tool that can generate invoices and make sure you adhere to the guidelines set by the taxman. This tool is meant for users who would like to comply with Goods and Services Tax (GST) in India.
It has an interface which is well-designed to make sure that you can view all your data. Also, the layout is good so that you can easily access the various features without complications.
If you run a small business or are a freelancer, you can rely on TaxCloud to file your tax returns. With this tool, there is no need to keep doing taxes the manual way. You can just automate some of the tasks and still get updates and reports about your status on taxes.
Pricing Structure Breakdown
To start with, this tool has a free version, a paid plan, and a tailored plan. Here is a quick breakdown of the various versions:
Free Version
This plan is ideal for any person or business who has limited tax filing needs. It is good for a freelancer or a small business that does not have complicated tax calculations.
Pain Plans
If you want to use advanced features like multi-user logins, priority care, and improved management of invoices, you should get this plan. This plan is the best for growing startups or bigger firms. The price will depend on the needs of the user.
However, keep in mind that you can get a tailored plan if you have other specific needs that should be addressed by this tool.
Free Features in Detail
As stated earlier, TaxCloud has a free plan which you can use for your tax filing needs. However, it has a few features that may only be ideal for a small business.
Here are the basic elements you can use on TaxCloud:
Filing GST returns
Using this free plan, you can file your returns for the GST such as GSTR-1 forms. This means you will be compliant with the GST guidelines.
Generating Invoices
You can use this tool to get invoices that are compliant with the GST requirements. This helps freelancers and small businesses run their operations without tax issues.
Tracking Tax Data
You can monitor your tax status right on the dashboard of this tool. This means it is easy to know your quarterly tax obligations.
Secure Storage
The tool allows you to store your invoices and other tax documents in their cloud storage space. So, you can use it to organize your credentials to avoid misplacement.
When Do You Need to Pay?
You can use the free version if your business is small and your tax needs are not as many. But if you need the following, you should get the paid plan:
- Priority support
- Handling of high number of invoices
- Access by multiple users
- Improved analytics and reporting
Making the Most of Free Features
Get the most out of the free plan by doing the following:
- Learn how to use the free services
- Make sure you save your documents early
- Keep an eye on the dashboard of the tool to get all updates and see all deadlines
Limitations of Free Version
Here are some of the cons of using the free version:
- It offers limited filing capacity and also invoicing
- The free version does not have enough capacity for storing your documents.
- While using the free plan, you cannot use reporting features
- You will also not get enough help when you need it
Recommendations for Different Business Types
As per your needs, you can use the free or the paid plan.
Here are our suggestions:
- Small businesses can use the free plan because their tax needs are not complex and do not have to produce tons of invoices.
- Medium enterprises can opt for the basic plan but embrace the paid one when they want to scale their operations.
- Startups do not have a lot of tax needs, so the basic plan is okay for them.
- Freelancers can use the basic plan since they have a few invoices to generate.
Conclusion
TaxCloud India is good for your small business because it will help you with all your tax needs. You can start with the free version but as your operations grow, you can switch to a plan plan so that you can use advanced features.