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 improved and encompassing tax system even although 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 wholeheartedly. ERP of renowned platforms like Oracle, SAP, Odoo is helping companies to administer and adopt GST Online Registration in India system, including taxes computation, configuration, liability accounting, master data amendments, reporting, crafted 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 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 the actual 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 today’s to the account codes.
ERP’s tax module will help firms to calculate their tax returns on product sales and purchases data. After that it audits the number 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 Taxation assessments filing
Besides supporting all regarding GST transactions, ERP’s tax engine help easy identification and correction of all errors for the painless filing of tax statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one submit an organised way. So, they can later can get on any time if requested. Being able in order to access from a cloud source point, tax accountants can work real-time without having to use any manual data.
ERP can give the facility to master all particulars about GST regulations in will need to GST module. It enables nokia’s or taxpayers to take into accout GST while issuing invoices for operations. It configures the format for GST compliant invoices 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 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 to a GST compliant ERP to get a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, as an alternative to filing all of the returns manually, they need to just put in all sales and purchase invoices details and the GST returns gets computed automatically.