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 altered 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 wholeheartedly. 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 inside 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 fresh account writes.

Audit

ERP’s tax module will help firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. Great deal up enormous time for the company’s accountants and helps them immensely once the daily transactions of Goods and Services Tax Registration in India Online or services are titanic.

Error-free Tax returns filing

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

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data for any number of years at one placed into an organised way. So, they can later hop on any time if really needed. Being able to access from a cloud source point, tax accountants works real-time while not having any manual data.

GST billing

ERP can give the facility to master all the owner of GST regulations in an individual GST unit. It enables the businesses or taxpayers to abide by GST while issuing invoices for operations. 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 and they must know which of this 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, rather than filing all of the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.