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Make the 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 taxes. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far better than the earlier fragmented dicey tax pc. 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 system, including taxes computation, configuration, liability accounting, master data amendments, reporting, was in fact 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 buy a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Service Tax Application in India Online and services transactions respectively. But, now those codes get combined with GST their ERP's tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today's to the account computer codes.

Audit

ERP's tax module will firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. This saves up enormous time of this company's accountants and assists them to immensely as soon as the daily transactions of goods or services are immense.

Error-free Tax statements filing

Besides supporting all types of GST transactions, ERP's tax engine assistance easy identification and correction of all errors for that painless filing of taxes. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax practitioner.

Data Archiving & Protection

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

GST billing

ERP is providing the facility to master all particulars about GST regulations in other GST unit. It enables nokia's or taxpayers to abide by 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 the companies. Their existing system needs major revamping so they must know which for the modules will affect and which will correlate to new tax rules.

While smooth transitioning with GST compliant ERP remains to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, as opposed to filing all the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.