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 though it is far compared to 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 system, including taxes computation, configuration, liability accounting, master data amendments, reporting, technique was known 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 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 in the 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 present-day to fresh account writes.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. This saves up enormous time with the company’s accountants and assists them immensely once the daily transactions of Goods and Services Tax Registration in India Online or services are outstanding.
Error-free Taxation statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help 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 doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one put into an organised way. So, they can later access it any time if needed. Being able to view from a cloud source point, tax accountants can figure 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 component. It enables the businesses or taxpayers to abide by GST while issuing invoices for purchases. 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 they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP in order to be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, as an alternative to filing all of the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.