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 taxes. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far much better the earlier fragmented dicey tax software program. However, ERP is supplying 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 to provide 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. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to fresh account codes.
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST returns. This saves up enormous time of your company’s accountants and helps them immensely as soon as the daily transactions of services or goods are tremendous.
Error-free Tax statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your painless filing of taxation statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give away to 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 access it any time if needed. Being able to access from a cloud source point, tax accountants works real-time without having to use any manual data.
ERP provides the facility to master all particulars about GST regulations in an individual GST module. It enables nokia’s or taxpayers to adhere to GST while issuing invoices for purchases. 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 that companies. Their existing system needs major revamping and also so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP remains to be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as an alternative to filing all the returns manually, they need to have to just invest all sales and purchase invoices details and the GST returns gets computed automatically.