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 an improved and encompassing tax system even though it is far better than the earlier fragmented dicey tax software program. However, ERP is giving them with the facility to comply with GST and embrace the changes totally. 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 eat a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and service Tax Online Registration in India and services transactions respectively. But, now those codes get combined with GST their 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 the account computer codes.
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits the number before filing the GST returns. Great deal up enormous time for the company’s accountants and enables them to immensely as soon as the daily transactions of goods or services are tremendous.
Error-free Taxation assessments filing
Besides supporting all regarding GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your painless filing of tax 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 for any number of years at one put into an organised way. So, they can later access it any time if needed. Being able in order to access from a cloud source point, tax accountants could work real-time without making use of any manual data.
ERP is providing the facility to master all the owner of GST regulations in an individual GST module. It enables adidas and puma or taxpayers to abide by GST while issuing invoices for purchases. It configures the format for GST compliant invoices 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 the companies. Their existing system needs major revamping along with must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP in order to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as an alternative to filing all of the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.