GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange. 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 a modified and encompassing tax system even though it is far better than the earlier fragmented dicey tax software program. However, ERP is supplying 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, 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 in the ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the account computer codes.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the www GST Gov in Login Online India returns. Could help prevent up enormous time of the company’s accountants and enables them to immensely once the daily transactions of goods or services are immense.
Error-free Tax statements filing
Besides supporting all types of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for the painless filing of taxes. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one spot in an organised way. So, they can later can get on any time if required. Being able to access from a cloud source point, tax accountants perform real-time without having to use any manual data.
ERP is providing the facility to master all the specifics of GST regulations in some other GST component. It enables the businesses or taxpayers to abide by GST while issuing invoices for operations. It configures the format for GST compliant invoices according to 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 your companies. Their existing system needs major revamping so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP may be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as an alternative to filing all of the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.