GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and promote. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new place a burden on. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even although it is far better than the earlier fragmented dicey tax software program. However, ERP is supplying them with the facility to comply with GST and embrace the changes wholeheartedly. 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, crafted forth.
Read on below to know how ERP systems unveil 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 services transactions respectively. But, now those codes get combined with GST your past ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the account limitations.
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. Could help prevent up enormous time of your company’s accountants and assists them immensely when the daily transactions of goods or services are immense.
Error-free Tax returns filing
Besides supporting all varieties of GST Online Registration in India transactions, ERP’s tax engine help in easy identification and correction of all errors for the painless filing of taxation assessments. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one place in an organised way. So, they can later can get on any time if requested. Being able to access from a cloud source point, tax accountants can work real-time while not having any manual data.
ERP offers the facility to master all the owner of GST regulations in will need to GST component. It enables the companies or taxpayers to take into accout GST while issuing invoices for operations. 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 that companies. Their existing system needs major revamping along with must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP is still a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their process of GST return filing. With it, instead of filing all of the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.