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 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 improved and encompassing tax system even though it is far much better than the earlier fragmented dicey tax system. However, ERP is giving 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, and so 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 to provide 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to brand new account codes.

Audit

ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST Online Registration in India returns. This saves up enormous time of this company’s accountants and enables them immensely once the daily transactions of goods or services are immense.

Error-free Tax returns 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 assessments. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax practitioner.

Data Archiving & Protection

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

GST billing

ERP can give the facility to master all any personal GST regulations in an individual GST unit. It enables the companies or taxpayers to adhere to GST while issuing invoices for operations. It configures the format for GST compliant invoices per 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 and 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 help ease their process of GST return filing. With it, as opposed to filing all of the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.