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 place a burden on. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far compared to the earlier fragmented dicey tax physique. However, ERP is providing them with the facility to comply with GST and embrace the changes totally. ERP of renowned platforms like Oracle, SAP, Odoo is helping companies to administer and adopt GST Website India online system, including taxes computation, configuration, liability accounting, master data amendments, reporting, given this 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 the actual ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the new account laws.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST returns. This will up enormous time for the company’s accountants and enables them immensely as soon as the daily transactions of services or goods are titanic.
Error-free Taxes filing
Besides supporting all forms of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for your painless filing of taxes. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one placed into an organised way. So, they can later hop on any time if needed. Being able to access from a cloud source point, tax accountants works real-time without having to use any manual data.
ERP can give the facility to master all the specifics of GST regulations in other GST module. It enables adidas and puma or taxpayers to take into accout 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 along with must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP may be a costly affair, individuals 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 just invest all sales and purchase invoices details and the GST returns gets computed automatically.