GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and promote. 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 though it is far better than the earlier fragmented dicey tax pc. 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 Website India online system, including taxes computation, configuration, liability accounting, master data amendments, reporting, and so forth.
Read on below to know how ERP systems unveil 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 online marketing to fresh account codes.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. Could help prevent up enormous time for the company’s accountants and enables them immensely when the daily transactions of services or goods are titanic.
Error-free Tax returns filing
Besides supporting all forms of GST transactions, ERP’s tax engine help 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 doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one put into an organised way. So, they can later jump on any time if sought. Being able to look for from a cloud source point, tax accountants can figure real-time without having any manual data.
ERP provides the facility to master all any personal GST regulations in other GST component. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for negotiations. 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 that companies. Their existing system needs major revamping and also so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP to get a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, rather than filing all of the returns manually, they will need just invest all sales and purchase invoices details and the GST returns gets computed automatically.