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 altered and encompassing tax system even though it is far compared to 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 reveal 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 inside 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 account writes.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. This will up enormous time of your company’s accountants and enables them to immensely when the daily transactions of services or goods are huge.
Error-free Tax returns filing
Besides supporting all forms of GST Website India online transactions, ERP’s tax engine help easy identification and correction of all errors for your painless filing of taxation statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one put into an organised way. So, they can later hop on any time if needed. Being able to view from a cloud source point, tax accountants can figure real-time without making use of any manual data.
ERP is providing the facility to master all information about GST regulations in some other GST element. It enables nokia’s or taxpayers to adhere to 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 your companies. Their existing system needs major revamping and so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP is still a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, as an alternative to filing all of the returns manually, they decide to just devote all sales and purchase invoices details and the GST returns gets computed automatically.