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 trade. 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 system. 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, given this 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 have 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the new account codes.

Audit

ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST returns. Great deal up enormous time with the company’s accountants and helps them immensely once the daily transactions of services or Goods and Service Tax Registration in India Online are outstanding.

Error-free Taxation statements filing

Besides supporting all regarding GST transactions, ERP’s tax engine help out with 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 have for 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 place in an organised way. So, they can later access it any time if really needed. Being able to look for from a cloud source point, tax accountants could work real-time without making use of any manual data.

GST billing

ERP offers the facility to master all the owner of GST regulations in some other GST element. It enables adidas and puma or taxpayers to agree to GST while issuing invoices for transactions. It configures the format for GST compliant invoices as 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 that companies. Their existing system needs major revamping so they must know which in the modules will affect and which will correlate to new tax rules.

While smooth transitioning with GST compliant ERP to get a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, as an alternative to filing all the returns manually, they need to have to just invest all sales and purchase invoices details and the GST returns gets computed automatically.