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 promote. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxes. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far much better the earlier fragmented dicey tax system. 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 reveal a complete solution for businesses and services firms to comply with GST Registration in India rules and undergo tax calculations.

Chart of Accounts

Businesses earlier used to eat 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 fresh account computer codes.

Audit

ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits numerous before filing the GST returns. Great deal up enormous time with the company’s accountants and assists them immensely as soon as the daily transactions of services or goods are outstanding.

Error-free Taxation assessments filing

Besides supporting all forms of GST transactions, ERP’s tax engine help 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 tell their Chartered Accountant, or tax expert.

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 access any time if needed. Being able in order to access from a cloud source point, tax accountants perform real-time without having any manual data.

GST billing

ERP offers the facility to master all the specifics of GST regulations in a separate GST element. It enables the businesses or taxpayers to take into accout GST while issuing invoices for purchases. 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 that companies. Their existing system needs major revamping and they must know which in the modules will affect and which will correlate to new tax rules.

While smooth transitioning a few GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, rather than filing all of the returns manually, they need to just put in all sales and purchase invoices details and the GST returns gets computed automatically.