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 taxes. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far better than the earlier fragmented dicey tax physique. However, ERP is supplying 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, 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 buy a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Service Tax Application in India Online and services transactions respectively. But, now those codes get combined with GST the actual 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 online marketing to brand new account limitations.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. After that it audits the amount before filing the GST returns. Helps save up enormous time of your company’s accountants and assists them to immensely when the daily transactions of services or goods are titanic.
Error-free Taxation statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your painless filing of tax statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give away to 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 spot in an organised way. So, they can later jump on any time if required. Being able to get into 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 other GST element. It enables the businesses or taxpayers to agree to GST while issuing invoices for operations. It configures the format for GST compliant invoices 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 your companies. Their existing system needs major revamping so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP in order to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as opposed to filing all of the returns manually, they decide to just devote all sales and purchase invoices details and the GST returns gets computed automatically.