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 return. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far compared to the earlier fragmented dicey tax pc. However, ERP is supplying 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 provide 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the new account limitations.

Audit

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

Error-free Taxation assessments filing

Besides supporting all varieties of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxes. Further, it helps 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 for any number of years at one put into an organised way. So, they can later access it any time if required. Being able to access from a cloud source point, tax accountants can work real-time without making use of any manual data.

GST billing

ERP is providing the facility to master all any personal GST regulations in an individual GST unit. It enables the companies or taxpayers to take into accout 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 also so they must know which in the modules will affect and which will correlate to new tax rules.

While smooth transitioning a few GST compliant ERP to get a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, rather than filing all the returns manually, they will need just invest all sales and purchase invoices details and the GST returns gets computed automatically.