GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange bombs. 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 improved and encompassing tax system even though it is far much better the earlier fragmented dicey tax system. However, ERP is providing 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, given this 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 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 their ERP’s tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the actual account codes.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. Could help prevent up enormous time of your company’s accountants and enables them to immensely when the daily transactions of goods or services are outstanding.
Error-free Taxation assessments filing
Besides supporting all forms of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxation statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one put into an organised way. So, they can later jump on any time if needed. Being able to look for from a cloud source point, tax accountants perform real-time while not having any manual data.
ERP can give the facility to master all information about GST regulations in will need to GST unit. It enables the businesses or taxpayers to abide by GST while issuing invoices for negotiations. It configures the format for www GST Gov in Login Online India 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 the companies. Their existing system needs major revamping and so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP in order to be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as an alternative to filing all of the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.