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 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 compared to the earlier fragmented dicey tax system. 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, given this forth.

Read on below to know how ERP systems roll out a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.

Chart of Accounts

Businesses earlier used have got 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 your past 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 the current to the new account computer codes.

Audit

ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. Could help prevent up enormous time of your company’s accountants and helps them immensely when the daily transactions of Goods and Service Tax Registration in India Online or services are immense.

Error-free Tax returns filing

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

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data in a number of years at one put into an organised way. So, they can later hop on any time if required. Being able to access from a cloud source point, tax accountants works real-time without making use of any manual data.

GST billing

ERP offers the facility to master all particulars about GST regulations in a separate GST component. It enables the businesses or taxpayers to take into accout GST while issuing invoices for negotiations. 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 so they must know which of this modules will affect and which will correlate to new tax rules.

While smooth transitioning the 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 cure their process of GST return filing. With it, as an alternative to filing all the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.