GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax return. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far much better than the earlier fragmented dicey tax equipment. However, ERP is supplying 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 eat 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 their ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to fresh account laws.
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the GST returns. Great deal up enormous time with the company’s accountants and helps them immensely as soon as the daily transactions of services or goods are outstanding.
Error-free Taxes filing
Besides supporting all forms 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 have for their Chartered Accountant, or tax provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one put into an organised way. So, they can later hop on any time if required. Being able in order to access from a cloud source point, tax accountants perform real-time while not having any manual data.
ERP offers the facility to master all the specifics of GST regulations in some other GST Online Registration in India element. It enables nokia’s or taxpayers to abide by GST while issuing invoices for negotiations. It configures the format for GST compliant invoices 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 and they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP in order to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, instead of filing all the returns manually, they will need just invest all sales and purchase invoices details and the GST returns gets computed automatically.