You could 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 taxes. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far compared to the earlier fragmented dicey tax pc. 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 reveal 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 Tax Website and services transactions respectively. But, now those codes get combined with GST your past ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to fresh account limitations.

Audit

ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST returns. Could help prevent up enormous time of this company’s accountants and enables them to immensely once the daily transactions of services or goods are titanic.

Error-free Taxes filing

Besides supporting all varieties of GST transactions, ERP’s tax engine help easy identification and correction of all errors for your painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax expert.

Data Archiving & Protection

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

GST billing

ERP is providing the facility to master all any personal GST regulations in a separate GST element. It enables the businesses or taxpayers to take into accout GST while issuing invoices for sales. 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 so they must know which of this modules will affect and which will correlate to new tax rules.

While smooth transitioning using a GST compliant ERP is still a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, rather than filing all the returns manually, they need to just put in all sales and purchase invoices details and the GST returns gets computed automatically.