ERP Software for Indian Businesses

E-invoicing under GST is now mandatory for all businesses with aggregate annual turnover exceeding 5 crore rupees. Every B2B invoice must be registered on the government Invoice Registration Portal (IRP) and stamped with a unique Invoice Reference Number (IRN) and QR code before it can be shared with the buyer. From April 2025, businesses with turnover above 10 crore rupees must upload e-invoices within 30 days of generation or the portal rejects them. Yukti handles this entire workflow automatically, generating compliant JSON payloads, submitting to the IRP, and embedding the returned IRN and QR code into the invoice document.

Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) add another layer of compliance. TDS under the Income Tax Act requires businesses to deduct tax at prescribed rates when making payments for services, rent, professional fees, and dozens of other categories. Each deduction must be deposited with the government monthly and reported quarterly via TDS returns. GST TDS is a separate 2% regime that applies to government entities and certain notified bodies. Yukti calculates both Income Tax TDS and GST TDS automatically, generates the required challans, and produces TDS return data in the format accepted by the TRACES portal.

Indian accounting standards (Ind AS) align closely with IFRS but include India-specific carve-outs that affect revenue recognition, lease accounting, and financial instrument classification. Yukti ships with a chart of accounts structured for Indian businesses, supporting both Ind AS and the older Indian GAAP standards used by smaller companies. The system handles multi-state operations where a single company may have GST registrations across multiple states, each requiring separate return filing and reconciliation.

Payroll in India involves provident fund (PF) contributions, Employee State Insurance (ESI), professional tax that varies by state, and income tax calculations under both the old and new tax regimes. Yukti automates statutory payroll calculations and generates the electronic challans required for PF and ESI deposits.