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 improved and encompassing tax system even though it is far better than the earlier fragmented dicey tax equipment. 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, 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 Website India online the actual ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to fresh account laws.

Audit

ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the GST returns. This will up enormous time of the company’s accountants and enables them immensely once the daily transactions of goods or services are immense.

Error-free Taxation statements filing

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

Data Archiving & Protection

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

GST billing

ERP is providing the facility to master all the specifics of GST regulations in an individual GST component. It enables the companies or taxpayers to adhere to GST while issuing invoices for transactions. 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 the companies. Their existing system needs major revamping and they must know which of the modules will affect and which will correlate to new tax rules.

While smooth transitioning using a GST compliant ERP may be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, instead of filing all of the returns manually, they need to have to just invest all sales and purchase invoices details and the GST returns gets computed automatically.

Bookmark the permalink.