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. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far compared to the earlier fragmented dicey tax software program. However, ERP is supplying them with the facility to comply with GST Online Registration in India 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, was in fact 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 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 your past ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the new account writes.

Audit

ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. After that it audits the number before filing the GST returns. Great deal up enormous time of your company’s accountants and enables them to immensely as soon as the daily transactions of services or goods are tremendous.

Error-free Tax returns filing

Besides supporting all types 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 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 submit an organised way. So, they can later can get on any time if required. Being able to get into from a cloud source point, tax accountants works real-time without having to use any manual data.

GST billing

ERP provides the facility to master all particulars about GST regulations in will need to GST element. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for transactions. 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 the companies. Their existing system needs major revamping along with must know which in the modules will affect and which will correlate to new tax rules.

While smooth transitioning the GST compliant ERP is still a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, as opposed to filing all of the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.