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 exchange bombs. 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 a modified and encompassing tax system even though it is far much better than the earlier fragmented dicey tax physique. 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, technique was known 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 to eat 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 present-day to the account codes.

Audit

ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. It then audits the number before filing the GST returns. Great deal up enormous time of your company’s accountants and helps them immensely when the daily transactions of services or goods are huge.

Error-free Taxes filing

Besides supporting all types of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that 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 doctor.

Data Archiving & Protection

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

GST billing

ERP provides the facility to master all particulars about GST regulations in a separate GST component. It enables the businesses or taxpayers to abide by GST while issuing invoices for negotiations. 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 that companies. Their existing system needs major revamping and so they 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, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, rather than filing all the returns manually, they need to have to just devote all sales and purchase invoices details and the GST Portal Login Online India returns gets computed automatically.