GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. 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 much better than the earlier fragmented dicey tax physique. However, ERP is providing 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 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 their ERP’s tax module. After 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 assistance firms to calculate their tax returns on product sales and purchases data. After that it audits the amount before filing the GST returns. Great deal up enormous time of your company’s accountants and assists them to immensely when the daily transactions of goods or services are outstanding.
Error-free Taxes filing
Besides supporting all forms of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxation assessments. 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 expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one submit an organised way. So, they can later can get on any time if needed. Being able to look for from a cloud source point, tax accountants perform real-time without making use of any manual data.
ERP can give the facility to master all any personal GST regulations in a separate GST unit. It enables the businesses or taxpayers to agree to GST while issuing invoices for sales. It configures the format for GST compliant invoices as per 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 your companies. Their existing system needs major revamping and also so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP is still a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST Portal Login Online India-enabled ERP software to relieve their associated with GST return filing. With it, as opposed to filing all the returns manually, they need to just invest all sales and purchase invoices details and the GST returns gets computed automatically.