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. 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 providing 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 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 their ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the account limitations.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST returns. Great deal up enormous time of your company’s accountants and assists them to immensely when the daily transactions of goods or services are immense.
Error-free Tax statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of tax statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later share with 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 hop 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 owner of GST regulations in some other GST unit. It enables the companies or taxpayers to take into accout GST while issuing invoices for negotiations. It configures the format for GST compliant invoices as per 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 that companies. Their existing system needs major revamping so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP remains to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, instead of filing all the returns manually, they need to have to just put in all sales and purchase invoices details and the GST Website India online returns gets computed automatically.