GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far much better the earlier fragmented dicey tax pc. 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, technique was known 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 have 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 the actual ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to brand new account writes.
ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. After that it audits first decompose . before filing the GST returns. Helps save up enormous time of this company’s accountants and assists them immensely as soon as the daily transactions of services or Goods and Service Tax Registration in India Online are tremendous.
Error-free Tax statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for the 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one spot in an organised way. So, they can later access it any time if sought. Being able to look for from a cloud source point, tax accountants perform real-time without having to use any manual data.
ERP is providing the facility to master all any personal GST regulations in will need to GST module. It enables the businesses or taxpayers to comply with GST while issuing invoices for sales. 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 your 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 to a GST compliant ERP to get a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their process of GST return filing. With it, as an alternative to filing all of the returns manually, they need to just invest all sales and purchase invoices details and the GST returns gets computed automatically.