The GST (Goods and Services Tax) is a comprehensive indirect tax that is being implemented by the Government of India on July 1st. It is a considered as a historical tax reform in India. The new tax system has many merits and demerits. The implementation of the GST has changed the business landscape in India.
Many businesses have been affected due to the change of indirect tax system with GST. If you are an owner of a business, then you must be looking at some software solutions, which will take care of your worries regarding the GST compliance.
ERP software could be the answer to all of your needs related to GST and other accounting challenges, that you have been facing while running your business. You need the GST registration number multiple times at every stage from generating an invoice till filing your returns.
Transition to GST
The biggest challenge in the GST implementation in India is the transition phase, which affected almost all the businesses including small and big enterprises in the country. You might have faced many hurdles during the transition to GST. Due to lack of awareness about the new tax regime, many businesses have been facing hardship in the compliance as all the processes related to GST are online replacing the manual process of collecting the tax.
You are halfway mark crossed if you are already registered and got your GSTIN. Once, that is done, you need to get all the GSTIN number of your clients, which you need time and again to maintain the process and file your returns.
Unlike manufacturing, the service sector has much lesser hassles in the GST as they will be dealing with lesser HSN Code for their services offering to the clients. The small business, MSMEs might have faced lots of hurdles during the transition phase.
Advantages of GST?
Here are some of the advantages of GST.
Why you need ERP Solutions for GST Compliance?
The biggest question is – why you need ERP software at all for GST compliance. It is obvious that everyone will have the same question when it comes to having a system for GST and accounting purpose.
The fact is that the current tax system is online and documentation is the top priority to file your returns. You need to be more organized with your company’s activities. If you have a manufacturing industry and still your following manual documentation of the processes like accounting, inventory, stock move, operations, invoicing and logistics, then you need to think again. On the contrary, a software application could give your better result and help you to optimize without putting extra efforts.
By adopting ERP software application, you can do your all tasks more efficiently without facing hardship. Moreover, the ERP application will come with all the modules like sales, manufacturing, invoicing, accounting, product, human resources, etc. those are essential to run a business. ERP systems are available with the GST features and other Indian taxation modules, which needs no customization, and you can start using the application directly as per your requirement.
Generating the invoices is easy on the application, you need to configure the tax rates such as CGST, SGST & IGST, while rest steps will be taken care by the application itself.
The software is the only option you have to maintain your records efficiently. You should prepare ready to show all your transactions and those need to be recorded in the system. And, it would be a healthy practice if you could show all the 100 percent transactions and records of your business for tax filing purpose.
GST is a technology enabled solution and you don’t have other option than adopting new technology and IT infrastructure in your business. It will help you to increase your productivity as well as reduce your worries over the GST compliance. The software will also come handy while filing your GST returns monthly as you need to file three times in a month, as per the new guidelines.
You need to optimize your departments and records to file the GST returns. You need best accounting software for all your accounting needs. The best ERP software application like Odoo solutions has many modules for your business those can easily integrate with your existing software if you are using any application.
The ERP software will help you to optimize your entire business process and that you can do by implementing five to six important modules. You can get suggestions from ERP consultants in order to overcome from GST questions and worries.