GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and promote. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxation’s. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even although it is far better than the earlier fragmented dicey tax software program. However, ERP is giving them with the facility to comply with GST and embrace the changes completely. 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 unveil 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 services transactions respectively. But, now those codes get combined with GST your past ERP’s tax module. As 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 assist firms to calculate their tax returns on product sales and purchases data. After that it audits first decompose . before filing the GST returns. Helps save up enormous time of this company’s accountants and assists them immensely once the daily transactions of services or goods are tremendous.
Error-free Tax statements filing
Besides supporting all types of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your 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 practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one put into an organised way. So, they can later jump on any time if needed. Being able to view from a cloud source point, tax accountants perform real-time without having any manual data.
ERP provides the facility to master all the owner of GST regulations in will need to GST element. It enables the companies or taxpayers to agree to GST Application Online in India 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 the 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 with GST compliant ERP to get a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, instead of filing all of the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.