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 exchange. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new place a burden on. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far better than the earlier fragmented dicey tax physique. However, ERP is providing 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, and so forth.

Read on below to know how ERP systems unveil a complete solution for businesses and services firms to comply with GST 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 Online Registration in India their 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 current to the new account codes.

Audit

ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. After that it audits the amount 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 Taxes filing

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

Data Archiving & Protection

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

GST billing

ERP can give the facility to master all the specifics of GST regulations in other GST module. It enables the businesses or taxpayers to adhere to GST while issuing invoices for transactions. It configures the format for GST compliant invoices depending on 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 the GST compliant ERP in order to be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as an alternative to filing all the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.