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 return. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new place a burden on. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far compared to the earlier fragmented dicey tax equipment. However, ERP is supplying them with the facility to comply with GST and embrace the changes totally. 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, was in fact 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 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 their ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the account writes.

Audit

ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. After that it audits numerous before filing the GST returns. Great deal up enormous time of this company’s accountants and enables them to immensely when the daily transactions of Goods and Service Tax Application in India Online or services are titanic.

Error-free Tax statements filing

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

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data for a number of years at one spot in an organised way. So, they can later hop on any time if sought. Being able to get into from a cloud source point, tax accountants can figure real-time without having any manual data.

GST billing

ERP can give the facility to master all the specifics of GST regulations in will need to GST component. It enables nokia’s or taxpayers to adhere to GST while issuing invoices for negotiations. 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 the companies. Their existing system needs major revamping and 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 is still a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, rather than filing all the returns manually, they decide to just devote all sales and purchase invoices details and the GST returns gets computed automatically.