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 although it is far much better than the earlier fragmented dicey tax physique. However, ERP is providing 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, given this 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 provide 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to brand new account limitations.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST returns. This saves up enormous time of the company’s accountants and assists them immensely once the daily transactions of services or goods are outstanding.
Error-free Tax statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of taxation assessments. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one placed into an organised way. So, they can later jump on any time if sought. Being able in order to access from a cloud source point, tax accountants could work real-time while not having any manual data.
ERP is providing the facility to master all the owner of GST regulations in some other GST module. It enables nokia’s or taxpayers to adhere to GST while issuing invoices for purchases. 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 the companies. Their existing system needs major revamping and they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP may be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST Registration in India-enabled ERP software to relieve their process of GST return filing. With it, as opposed to filing all the returns manually, they decide to just put in all sales and purchase invoices details and the GST returns gets computed automatically.