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 altered and encompassing tax system even though it is far much better the earlier fragmented dicey tax equipment. 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, 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 to eat 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. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the actual account laws.
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. After that it audits first decompose . before filing the GST returns. This will up enormous time of the company’s accountants and enables them immensely when the daily transactions of services or Goods and service Tax Online Registration in India are huge.
Error-free Taxes filing
Besides supporting all types 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 helps companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one spot in an organised way. So, they can later access it any time if required. Being able to get into 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 will need to GST unit. It enables the businesses or taxpayers to adhere to GST while issuing invoices for sales. 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 for the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP to get a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, as opposed to filing all the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.