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 place a burden on. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far better than the earlier fragmented dicey tax equipment. However, ERP is giving them with the facility to comply with GST and embrace the changes wholeheartedly. 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, crafted 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 eat 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. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the account limitations.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. After that it audits the number before filing the GST Online Registration in India returns. This saves up enormous time with the company’s accountants and assists them immensely when the daily transactions of services or goods are tremendous.
Error-free Taxes filing
Besides supporting all types of 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one submit 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 perform real-time while not having any manual data.
ERP is providing the facility to master all any personal GST regulations in some other GST unit. It enables the lenders or taxpayers to adhere to GST while issuing invoices for operations. It configures the format for GST compliant invoices specialists 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 on the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP to get a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease 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 returns gets computed automatically.