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 Registration Online in India 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 an improved and encompassing tax system even although it is far better than the earlier fragmented dicey tax pc. 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, crafted 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 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 new 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 the amount before filing the GST returns. Could help prevent up enormous time of your company’s accountants and assists them immensely once the daily transactions of goods or services are immense.
Error-free Tax returns filing
Besides supporting all regarding GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for that painless filing of taxation statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax provider.
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 access any time if requested. Being able to access 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 particulars about GST regulations in will need to GST unit. It enables the businesses or taxpayers to adhere to GST while issuing invoices for operations. 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 along with must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP to get a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as an alternative 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.