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 taxation’s. 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 equipment. 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, technique was known 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 their ERP’s tax module. Following on from the 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 assist firms to calculate their tax returns on the sales and purchases data. It then audits numerous before filing the GST returns. This will up enormous time of your company’s accountants and assists them immensely once the daily transactions of services or Goods and Service Tax Application in India Online are immense.

Error-free Taxation statements filing

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

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 access it any time if requested. Being able to look for from a cloud source point, tax accountants perform real-time while not having any manual data.

GST billing

ERP can give the facility to master all the owner of GST regulations in a separate GST component. It enables the lenders or taxpayers to comply with GST while issuing invoices for negotiations. 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 your 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 with GST compliant ERP in order to be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, as an alternative to filing all of the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.