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 taxation’s. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far better than the earlier fragmented dicey tax pc. 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 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 service Tax Online Registration in India and services transactions respectively. But, now those codes get combined with GST in the ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the actual account writes.

Audit

ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. This will up enormous time for the company’s accountants and assists them immensely as soon as the daily transactions of goods or services are tremendous.

Error-free Tax returns filing

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

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data to find a number of years at one submit an organised way. So, they can later access any time if required. Being able to view from a cloud source point, tax accountants can figure real-time without making use of any manual data.

GST billing

ERP provides the facility to master all any personal GST regulations in other GST component. It enables adidas and puma or taxpayers to take into accout GST while issuing invoices for purchases. It configures the format for GST compliant invoices according to 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 the companies. Their existing system needs major revamping and so they must know which on the modules will affect and which will correlate to new tax rules.

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