Develop 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 though it is far much better than the earlier fragmented dicey tax system. 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, and so forth.

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

Chart of Accounts

Businesses earlier used to buy 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 their 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 actual account codes.

Audit

ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST returns. Could help prevent up enormous time of this company’s accountants and enables them immensely as soon as the daily transactions of goods or services are outstanding.

Error-free Taxation statements filing

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

Data Archiving & Protection

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

GST billing

ERP is providing the facility to master all the specifics of GST regulations in will need to GST unit. It enables the lenders or taxpayers to take into accout 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 your companies. Their existing system needs major revamping along with must know which of 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, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, as opposed to filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.