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 tax return. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far better than the earlier fragmented dicey tax equipment. 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, technique was known forth.
Read on below to know how ERP systems reveal a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.
Chart of Accounts
Businesses earlier used have got a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Services Tax Registration in India Online and services transactions respectively. But, now those codes get combined with GST inside ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the new account writes.
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. Could help prevent up enormous time of the company’s accountants and assists them immensely as soon as the daily transactions of goods or services are huge.
Error-free Tax statements filing
Besides supporting all forms of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for your painless filing of taxation statements. 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 for a number of years at one put into an organised way. So, they can later access any time if really needed. Being able to get into from a cloud source point, tax accountants works real-time while not having any manual data.
ERP is providing the facility to master all the owner of GST regulations in other GST unit. It enables adidas and puma or taxpayers to abide by 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 and so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP may be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as opposed to filing all the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.