The main challenge faced by a medical shop in HSN wise inventory management is keeping track of the stock of different medicines and medical equipment based on their HSN codes. Managing HSN wise inventory is not only important for a medical shop to track and maintain records of all products sold but also necessary for filing GST (Goods and Services Tax) returns.
GST is a tax levied on the supply of goods and services in India, and it is mandatory for all businesses to file GST returns regularly. The HSN code is used to identify the goods or services for GST purposes, and it is mandatory to include HSN codes while filing GST returns. By using the latest technology, a medical shop can manage HSN-wise inventory efficiently and ensure that the HSN codes of all products are recorded accurately. This can be done using an excel based software system that is designed specifically for medical shops and is GST-compliant.
The software can be used to generate invoices with HSN codes for each product sold, which can be used to file GST returns. The software can also be used to maintain a digital record of all the products in stock, categorized according to their HSN codes, as well as their expiry dates, batch numbers, and other relevant information. By using our tool to manage HSN-wise inventory and GST compliance, a medical shop can ensure that its operations are streamlined and that it is always in compliance with relevant regulations.
Accounting and Finance management just in one click is a game-changing approach to financial management. It streamlines financial processes, provides real-time financial information, and increases efficiency and productivity. If you're interested in implementing one-click accounting and finance management, consider seeking the advice of us to help you get started