You could 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. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far much better than the earlier fragmented dicey tax physique. However, ERP is giving 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, crafted 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 inside ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the actual account laws.

Audit

ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. This saves up enormous time with the company’s accountants and enables them immensely once the daily transactions of Goods and Service Tax Registration in India Online or services are immense.

Error-free Tax statements filing

Besides supporting all types of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of taxation statements. 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 expert.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data in a number of years at one placed into an organised way. So, they can later can get on any time if really needed. Being able to access from a cloud source point, tax accountants works real-time while not having any manual data.

GST billing

ERP can give the facility to master all information about GST regulations in other GST component. It enables nokia’s or taxpayers to take into accout GST while issuing invoices for operations. It configures the format for GST compliant invoices specialists 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 of this modules will affect and which will correlate to new tax rules.

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