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 tax return. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even although it is far much better the earlier fragmented dicey tax equipment. However, ERP is providing 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, and so forth.

Read on below to know how ERP systems unveil 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 Online Registration in India and services transactions respectively. But, now those codes get combined with GST the actual ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day 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 quantity of before filing the GST returns. Helps save up enormous time for the company’s accountants and assists them to immensely when the daily transactions of services or goods are tremendous.

Error-free Taxation assessments filing

Besides supporting all varieties of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for your painless filing of tax returns. 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 for a number of years at one placed into an organised way. So, they can later jump on any time if required. Being able in order to access from a cloud source point, tax accountants could work real-time without having any manual data.

GST billing

ERP can give the facility to master all particulars about GST regulations in a separate GST module. It enables the lenders or taxpayers to abide by GST while issuing invoices for operations. It configures the format for GST compliant invoices depending on 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 along with must know which in the modules will affect and which will correlate to new tax rules.

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

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