GST — Goods and Services Tax: India's unified indirect tax applied to most goods and services
Built to improve process speed, reduce manual dependency, and give teams cleaner operational control.
India SMB ERP Platform
ERP Glossary: Plain-Language Definitions for Indian Business Owners
New to ERP software or confused by technical jargon? This glossary explains 40+ essential ERP terms — from GST and e-Invoice to BOM and SKU — in clear, simple language relevant to Indian businesses.
Definitions written for Indian business context — not US or EU markets
Covers GST-specific terms applicable to Indian compliance workflows
Includes practical examples relevant to retail, distribution, and manufacturing
Updated regularly to reflect changes in GST rules and ERP best practices
Core Capabilities
Built for Daily Business Operations
Replace fragmented tools with one workflow that improves execution, visibility, and growth confidence.
e-Invoice — Electronic Invoice: GSTN-validated invoice with a unique IRN number for B2B transactions above threshold
Built to improve process speed, reduce manual dependency, and give teams cleaner operational control.
GSTR-1 — Outward Supply Return: Monthly or quarterly return declaring all sales invoices to the GST portal
Built to improve process speed, reduce manual dependency, and give teams cleaner operational control.
e-Way Bill — Electronic Way Bill: Online document required for transporting goods worth over ₹50,000
Built to improve process speed, reduce manual dependency, and give teams cleaner operational control.
POS — Point of Sale: System for processing retail sales, billing, and payments at the counter
Built to improve process speed, reduce manual dependency, and give teams cleaner operational control.
BOM — Bill of Materials: List of components, quantities, and costs needed to manufacture a finished product
Built to improve process speed, reduce manual dependency, and give teams cleaner operational control.
SKU — Stock Keeping Unit: Unique code assigned to each product variant for inventory tracking
Built to improve process speed, reduce manual dependency, and give teams cleaner operational control.
ERP — Enterprise Resource Planning: Integrated software managing all core business functions in one platform
Built to improve process speed, reduce manual dependency, and give teams cleaner operational control.
Use Cases
Practical Fit for Indian SMB Workflows
Built for execution-heavy teams that need reliable visibility, faster coordination, and stronger compliance readiness.
Business owners evaluating ERP software for the first time
Tailored for business teams that need better data discipline and faster daily decision-making.
Finance and accounts teams new to GST compliance workflows
Tailored for business teams that need better data discipline and faster daily decision-making.
Warehouse staff learning inventory and stock management terminology
Tailored for business teams that need better data discipline and faster daily decision-making.
Sales and distribution teams understanding CRM and order management terms
Tailored for business teams that need better data discipline and faster daily decision-making.
Manufacturers getting familiar with BOM, job work, and production terms
Tailored for business teams that need better data discipline and faster daily decision-making.
Retail owners learning POS, barcode, and multi-branch management concepts
Tailored for business teams that need better data discipline and faster daily decision-making.
Why T7 ERP
Move from Tool Chaos to One Reliable Operating System
T7 ERP helps teams standardize operations, improve reporting confidence, and scale with cleaner process control.
Execution-focused outcomes
- Faster workflows through connected sales, inventory, and finance processes.
- Better operational planning using real-time reports and structured data.
- Lower dependency on manual coordination across departments.
- Higher decision confidence for owners and managers.
FAQs
Common Questions About ERP Glossary
1. What does ERP stand for?
ERP stands for Enterprise Resource Planning. It is a type of business software that integrates all core business functions — billing, inventory, accounting, CRM, and operations — into a single unified platform.
2. What is the difference between e-Invoice and a regular GST invoice?
A regular GST invoice is generated in your billing software. An e-Invoice is a GST invoice validated on the GSTN portal, receives a unique IRN number, and auto-populates into GSTR-1. e-Invoice is mandatory above certain annual turnover thresholds.
3. What is a SKU in inventory management?
SKU stands for Stock Keeping Unit. It is a unique alphanumeric code assigned to each distinct product or product variant (size, colour, pack) to track inventory levels, sales, and movements across locations.
4. What is the difference between GSTR-1 and GSTR-3B?
GSTR-1 is your outward supply return — you declare all sales invoices. GSTR-3B is a summary return where you report net sales, purchases, input tax credit, and GST payable. Both are filed monthly or quarterly depending on your turnover.
5. What does multi-branch ERP mean?
Multi-branch ERP allows a business to manage multiple locations or stores from a single software platform. All branches share the same product master, pricing, and inventory database, with real-time sync and consolidated reporting.
Get Started
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