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 place a burden on. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even although it is far better than the earlier fragmented dicey tax software program. 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, 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 buy 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 new account computer codes.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. It then audits the amount before filing the GST returns. This will up enormous time of the company’s accountants and assists them to immensely as soon as the daily transactions of goods or services are outstanding.
Error-free Taxation assessments filing
Besides supporting all varieties of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for your painless filing of tax statements. Further, it assists 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 submit 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 works real-time without making use of any manual data.
ERP can give the facility to master all the specifics of GST regulations in other GST unit. It enables adidas and puma or taxpayers to comply with 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 that 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 using a GST compliant ERP to get a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, rather than filing all the returns manually, they decide to just put in all sales and purchase invoices details and the GST Online Registration in India returns gets computed automatically.