Make your Business GST Compliant With ERP

GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange bombs. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxes. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far compared to the earlier fragmented dicey tax system. However, ERP is providing them with the facility to comply with GST and embrace the changes totally. ERP of renowned platforms like Oracle, SAP, Odoo is helping companies to administer and adopt GST system, including taxes computation, configuration, liability accounting, master data amendments, reporting, crafted forth.

Read on below to know how ERP systems reveal a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.

Chart of Accounts

Businesses earlier used to eat a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all goods and services transactions respectively. But, now those codes get combined with GST the actual ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to fresh account computer codes.

Audit

ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST returns. Great deal up enormous time of this company’s accountants and assists them to immensely once the daily transactions of services or goods are titanic.

Error-free Tax returns filing

Besides supporting all regarding GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for the painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax provider.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data in a number of years at one placed into an organised way. So, they can later access it any time if really needed. Being able to access from a cloud source point, tax accountants can work real-time without needing any manual data.

GST billing

ERP provides the facility to master all any personal GST regulations in a separate GST module. It enables the lenders or taxpayers to agree to GST while issuing invoices for transactions. It configures the format for GST compliant invoices specialists the business, auto-calculates the GST returns from every sale or purchase invoice and reconciles them.

All said and done, getting an ERP system GST ready is challenging job for your companies. Their existing system needs major revamping and also so they must know which of this modules will affect and which will correlate to new tax rules.

While smooth transitioning to a GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as an alternative to filing all the returns manually, they require to just devote all sales and purchase invoices details and the GST Registration Online in India returns gets computed automatically.