You can 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 promote. 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 much better than the earlier fragmented dicey tax pc. 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 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 buy 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 current to fresh account writes.

Audit

ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. It then audits first decompose . before filing the GST returns. This will up enormous time for the company’s accountants and helps them immensely when the daily transactions of services or Goods and Services Tax Website are huge.

Error-free Taxation statements filing

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

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data as a number of years at one place in 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 works real-time without having any manual data.

GST billing

ERP offers the facility to master all the owner of GST regulations in some other GST component. It enables the lenders or taxpayers to take into accout GST while issuing invoices for purchases. 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 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 may be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, as opposed to filing all the returns manually, they need to just put in all sales and purchase invoices details and the GST returns gets computed automatically.