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 exchange. 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 altered and encompassing tax system even although it is far compared to the earlier fragmented dicey tax software program. However, ERP is providing 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 Registration Portal Login 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 provide 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. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the new account codes.

Audit

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

Error-free Tax returns filing

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

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data as a number of years at one placed into an organised way. So, they can later access it any time if requested. Being able to look for from a cloud source point, tax accountants could work real-time without making use of any manual data.

GST billing

ERP can give the facility to master all any personal GST regulations in will need to GST module. It enables nokia’s or taxpayers to comply with 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 your companies. Their existing system needs major revamping 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 remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, as an alternative to filing all the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.