GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange bombs. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax return. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far much better than the earlier fragmented dicey tax software program. However, ERP is providing 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 roll out 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 Registration in India Online and services transactions respectively. But, now those codes get combined with GST their ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the actual account computer codes.
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. Could help prevent up enormous time of your company’s accountants and assists them immensely as soon as the daily transactions of goods or services are tremendous.
Error-free Taxes filing
Besides supporting all forms of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of taxation statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one placed into an organised way. So, they can later access any time if really needed. Being able in order to access from a cloud source point, tax accountants perform real-time without having any manual data.
ERP offers the facility to master all the owner of GST regulations in an individual GST module. It enables adidas and puma or taxpayers to adhere to GST while issuing invoices for purchases. It configures the format for GST compliant invoices depending on 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 with GST compliant ERP may be 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, instead of filing all of the returns manually, they will need just invest all sales and purchase invoices details and the GST returns gets computed automatically.