GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange. 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 altered and encompassing tax system even though it is far better than the earlier fragmented dicey tax physique. 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, 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 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 your past ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to brand new account computer codes.
ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. It then audits numerous before filing the GST returns. Helps save up enormous time of this company’s accountants and helps them immensely when the daily transactions of services or goods are huge.
Error-free Tax returns filing
Besides supporting all connected with 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 assists companies in exporting of tax returns statement to MS Excel system to upload or later share with 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 hop on any time if requested. Being able to get into from a cloud source point, tax accountants could work real-time without having any manual data.
ERP provides the facility to master all the owner of GST regulations in an individual GST module. It enables the companies or taxpayers to agree to GST while issuing invoices for transactions. It configures the format for GST compliant invoices according to 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 so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few www GST Gov in Login Online India compliant ERP in order to be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their associated with GST return filing. With it, as an alternative to filing all the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.