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 exchange bombs. 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 altered and encompassing tax system even although it is far much better than the earlier fragmented dicey tax physique. 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 to eat a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Service Tax Application in India Online 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 current to fresh account codes.

Audit

ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. This will up enormous time of the company’s accountants and assists them immensely when the daily transactions of goods or services are huge.

Error-free Tax returns filing

Besides supporting all connected with GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for the painless filing of taxation assessments. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later share with 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 place in an organised way. So, they can later access any time if requested. Being able to look for from a cloud source point, tax accountants perform real-time without having to use any manual data.

GST billing

ERP can give the facility to master all the specifics of GST regulations in some other GST component. It enables nokia’s or taxpayers to agree to GST while issuing invoices for purchases. 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 the companies. Their existing system needs major revamping and also so they must know which on the modules will affect and which will correlate to new tax rules.

While smooth transitioning using a GST compliant ERP in order to be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, instead of filing all of the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.