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 Online Registration in India 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 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 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 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 the actual ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the new account computer codes.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits the number before filing the GST returns. Helps save up enormous time with the company’s accountants and assists them to immensely once the daily transactions of goods or services are huge.
Error-free Tax statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for the painless filing of taxes. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one submit an organised way. So, they can later can get on any time if sought. Being able in order to access from a cloud source point, tax accountants works real-time without needing any manual data.
ERP provides the facility to master all particulars about GST regulations in some other GST component. It enables the businesses or taxpayers to take into accout GST while issuing invoices for purchases. 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 your companies. Their existing system needs major revamping and so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP may be 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, rather than filing all of the returns manually, they will need just invest all sales and purchase invoices details and the GST returns gets computed automatically.