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 a modified and encompassing tax system even though it is far compared to the earlier fragmented dicey tax software program. However, ERP is giving 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, was in fact 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 have got 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 in the ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to fresh account codes.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. It then audits quantity of before filing the GST returns. Great deal up enormous time of the company’s accountants and assists them immensely when the daily transactions of goods or services are outstanding.
Error-free Tax statements filing
Besides supporting all types of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of tax returns. 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one put into an organised way. So, they can later can get on any time if requested. Being able in order to access from a cloud source point, tax accountants works real-time without needing any manual data.
ERP can give the facility to master all the specifics of GST regulations in some other GST module. It enables the lenders or taxpayers to agree to GST while issuing invoices for transactions. It configures the format for GST compliant invoices as per the business, auto-calculates the GST Registration Online in India returns from every sale or purchase invoice and reconciles them.
All said and done, getting an ERP system GST ready is challenging job for your 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, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, as an alternative to filing all of the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.