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 taxation’s. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far much better the earlier fragmented dicey tax equipment. However, ERP is supplying 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, 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 Services Tax Registration in India Online and services transactions respectively. But, now those codes get combined with GST the actual 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 today’s to the actual account computer codes.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. It then audits first decompose . before filing the GST returns. Great deal up enormous time of the company’s accountants and helps them immensely as soon as the daily transactions of services or goods are huge.
Error-free Taxes filing
Besides supporting all connected with GST transactions, ERP’s tax engine help in easy identification and correction of all errors for the painless filing of taxes. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one place in an organised way. So, they can later access any time if sought. Being able to access from a cloud source point, tax accountants can work real-time without having any manual data.
ERP is providing the facility to master all particulars about GST regulations in other GST unit. It enables the businesses or taxpayers to take into accout GST while issuing invoices for negotiations. 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 and so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP is still a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, as opposed to filing all the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.