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 an altered and encompassing tax system even though it is far much better the earlier fragmented dicey tax system. 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 unveil 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. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to brand new account limitations.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. After that it audits the amount before filing the GST returns. Could help prevent up enormous time for the company’s accountants and enables them to immensely once the daily transactions of services or Goods and Services Tax Registration in India Online are huge.
Error-free Taxation statements filing
Besides supporting all types of GST transactions, ERP’s tax engine help easy identification and correction of all errors for the painless filing of taxation statements. 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 to find a number of years at one spot in 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 having any manual data.
ERP offers the facility to master all the owner of GST regulations in other GST module. It enables the businesses or taxpayers to abide by GST while issuing invoices for operations. It configures the format for GST compliant invoices depending on 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 along with must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP is still a costly affair, particularly 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 the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.