You can 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 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 pc. However, ERP is providing 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, technique was known forth.

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

Chart of Accounts

Businesses earlier used have got 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 today’s to the new account computer codes.

Audit

ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. It then audits the number before filing the GST Application Online in India returns. This saves up enormous time for the company’s accountants and assists them to immensely once the daily transactions of services or goods are huge.

Error-free Taxation assessments filing

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

Data Archiving & Protection

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

GST billing

ERP provides the facility to master all any personal GST regulations in an individual GST component. It enables the lenders or taxpayers to comply with GST while issuing invoices for sales. 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 along with must know which for the modules will affect and which will correlate to new tax rules.

While smooth transitioning to a GST compliant ERP in order to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, instead of filing all the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.