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 taxation’s. 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 physique. 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, technique was known 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 have 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 the actual 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 fresh account computer codes.

Audit

ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. It then audits the amount before filing the GST returns. This will up enormous time for the company’s accountants and assists them to immensely when the daily transactions of goods or services are outstanding.

Error-free Taxation assessments filing

Besides supporting all types of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for that painless filing of tax returns. 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 provider.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data to find a number of years at one put into an organised way. So, they can later can get on any time if requested. Being able to get into from a cloud source point, tax accountants can work real-time without having to use any manual data.

GST billing

ERP offers the facility to master all the specifics of GST regulations in other GST element. It enables the companies or taxpayers to comply with GST while issuing invoices for transactions. It configures the format for GST compliant invoices as 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 that companies. Their existing system needs major revamping along with must know which in the modules will affect and which will correlate to new tax rules.

While smooth transitioning the GST compliant ERP to get a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as an alternative to filing all of the returns manually, they decide to just invest all sales and purchase invoices details and the GST Registration Portal Login returns gets computed automatically.