GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. 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 a modified and encompassing tax system even although it is far compared to the earlier fragmented dicey tax pc. 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, given this 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 in the ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the 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. Could help prevent up enormous time of your company’s accountants and helps them immensely as soon as the daily transactions of Goods and Services Tax Registration in India Online or services are outstanding.
Error-free Taxes filing
Besides supporting all connected with GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxation assessments. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one spot in an organised way. So, they can later jump on any time if requested. Being able to get into from a cloud source point, tax accountants can figure real-time without having to use any manual data.
ERP is providing the facility to master all information about GST regulations in other GST element. It enables nokia’s 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 that companies. Their existing system needs major revamping so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP in order to be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their associated with GST return filing. With it, as an alternative to filing all the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.