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 improved and encompassing tax system even though it is far compared to the earlier fragmented dicey tax equipment. However, ERP is supplying them with the facility to comply with GST and embrace the changes completely. 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, and so 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 provide 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. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the new account codes.
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. This saves up enormous time of your company’s accountants and helps them immensely as soon as the daily transactions of services or goods are titanic.
Error-free Taxation assessments filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help easy identification and correction of all errors for the painless filing of taxes. 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 as a number of years at one placed into an organised way. So, they can later hop on any time if required. Being able to view from a cloud source point, tax accountants could work real-time without needing any manual data.
ERP can give the facility to master all particulars about GST regulations in will need to GST module. It enables the lenders or taxpayers to agree to GST while issuing invoices for sales. It configures the format for GST compliant invoices depending on the business, auto-calculates the GST Website India online returns from every sale or purchase invoice and reconciles them.
All said and done, getting an ERP system GST ready is challenging job for your companies. Their existing system needs major revamping and so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP may be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, instead of filing all of the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.