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 taxes. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far much 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 totally. 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 reveal 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 your past ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the new account writes.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. After that it audits quantity of before filing the GST returns. This will up enormous time for the company’s accountants and enables them immensely as soon as the daily transactions of goods or services are huge.
Error-free Taxation statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for that painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax provider.
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 access any time if needed. Being able in order to access from a cloud source point, tax accountants works real-time without having any manual data.
ERP can give the facility to master all information about GST regulations in other GST component. It enables the businesses or taxpayers to comply with 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 and so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, rather than filing all of the returns manually, they will need just put in all sales and purchase invoices details and the GST Website India online returns gets computed automatically.