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. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far much better the earlier fragmented dicey tax system. However, ERP is giving them with the facility to comply with GST and embrace the changes wholeheartedly. 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, was in fact 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 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 in the ERP’s tax module. Post 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 help firms to calculate their tax returns on the 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 helps them immensely once the daily transactions of goods or services are huge.
Error-free Tax returns 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 tax returns. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one placed into an organised way. So, they can later access any time if really needed. Being able to view from a cloud source point, tax accountants works real-time without having to use any manual data.
ERP can give 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 specialists 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 along with must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP remains to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, as an alternative to filing all the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.