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 an improved and encompassing tax system even although it is far compared to the earlier fragmented dicey tax software program. However, ERP is giving 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, technique was known 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 have got 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. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to brand new account computer codes.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. After that it audits first decompose . before filing the GST returns. Helps save up enormous time of your company’s accountants and assists them immensely as soon as the daily transactions of services or goods are immense.
Error-free Tax statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for the painless filing of taxes. 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 put into an organised way. So, they can later access any time if required. Being able to view from a cloud source point, tax accountants can work real-time without having to use any manual data.
ERP can give the facility to master all information about GST regulations in a separate GST module. It enables the companies or taxpayers to abide by www GST Gov in Login Online India 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 the 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 remains to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, as opposed to filing all the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.