Make the 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 compared to the earlier fragmented dicey tax system. However, ERP is supplying 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 reveal 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. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the account writes.

Audit

ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. It then audits quantity of before filing the GST returns. This will up enormous time of the company’s accountants and assists them immensely as soon as the daily transactions of goods or services are immense.

Error-free Taxation statements filing

Besides supporting all connected with GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that painless filing of taxation assessments. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax chiropractic physician.

Data Archiving & Protection

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

GST billing

ERP offers the facility to master all any personal GST regulations in will need to GST element. It enables the businesses or taxpayers to abide by GST while issuing invoices for operations. It configures the format for GST compliant invoices per 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 so they 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, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, as opposed to filing all of the returns manually, they decide to just devote all sales and purchase invoices details and the GST Registration Online in India returns gets computed automatically.