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. 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 compared to the earlier fragmented dicey tax software program. However, ERP is giving them with the facility to comply with GST and embrace the changes wholeheartedly. 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 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 inside ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the new account codes.

Audit

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

Error-free Taxation assessments filing

Besides supporting all types of GST transactions, ERP’s tax engine help 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 tell their Chartered Accountant, or tax provider.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data in a number of years at one submit an organised way. So, they can later jump on any time if needed. Being able to look for from a cloud source point, tax accountants could work real-time without having any manual data.

GST billing

ERP provides the facility to master all information about GST regulations in will need to GST unit. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for negotiations. 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 and also so they must know which on the modules will affect and which will correlate to new tax rules.

While smooth transitioning with GST compliant ERP in order to be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, rather than filing all of the returns manually, they decide to just devote all sales and purchase invoices details and the GST Registration Portal Login returns gets computed automatically.