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 a modified and encompassing tax system even although it is far much better the earlier fragmented dicey tax equipment. However, ERP is providing 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, 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 to provide a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Service Tax Registration in India Online and services transactions respectively. But, now those codes get combined with GST inside 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 the actual account computer codes.
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. Great deal up enormous time for the company’s accountants and enables them immensely once the daily transactions of services or goods are outstanding.
Error-free Taxes 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 helps companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one submit an organised way. So, they can later access any time if really needed. Being able to view from a cloud source point, tax accountants works real-time without having to use any manual data.
ERP is providing the facility to master all the specifics of GST regulations in an individual GST element. It enables adidas and puma or taxpayers to take into accout GST while issuing invoices for sales. 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 your companies. Their existing system needs major revamping and they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP to get a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, as opposed to filing all the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.