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 promote. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax return. 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 giving them with the facility to comply with GST and embrace the changes completely. 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 unveil a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.

Chart of Accounts

Businesses earlier used to have 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 in the ERP’s tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the new account computer codes.

Audit

ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. It then audits first decompose . before filing the GST returns. This will up enormous time of the company’s accountants and assists them immensely once the daily transactions of services or Goods and Service Tax Application in India Online are titanic.

Error-free Taxation assessments filing

Besides supporting all types of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for your painless filing of tax returns. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax chiropractic physician.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data in a number of years at one submit an organised way. So, they can later jump on any time if required. Being able to view from a cloud source point, tax accountants could work real-time while not having any manual data.

GST billing

ERP can give the facility to master all the owner of GST regulations in some other GST component. It enables the companies or taxpayers to comply with GST while issuing invoices for purchases. It configures the format for GST compliant invoices as per 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 they must know which for the modules will affect and which will correlate to new tax rules.

While smooth transitioning with GST compliant ERP may be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, as an alternative to filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.