GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxation’s. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far much better than 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, 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 have 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 your past ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the account laws.
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST returns. Great deal up enormous time of the company’s accountants and enables them immensely as soon as the daily transactions of services or goods are tremendous.
Error-free Taxation statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help easy identification and correction of all errors for that painless filing of tax 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 practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one put into an organised way. So, they can later can get on any time if really needed. Being able to access from a cloud source point, tax accountants perform real-time without making use of any manual data.
ERP can give the facility to master all any personal GST Registration Portal Login regulations in some other GST element. It enables nokia’s or taxpayers to abide by GST while issuing invoices for sales. 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 and they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP in order to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, instead of filing all of the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.