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 taxes. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far compared to the earlier fragmented dicey tax pc. 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 system, including taxes computation, configuration, liability accounting, master data amendments, reporting, and so forth.
Read on below to know how ERP systems reveal 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 in the 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 brand new account codes.
ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. Helps save up enormous time with the company’s accountants and enables them to immensely once the daily transactions of goods or services are outstanding.
Error-free Tax statements filing
Besides supporting all types 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 have for 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 placed into an organised way. So, they can later access it any time if needed. Being able to get into from a cloud source point, tax accountants can figure real-time without having any manual data.
ERP provides the facility to master all information about GST regulations in some other GST Website India online module. It enables adidas and puma or taxpayers to adhere to GST while issuing invoices for sales. It configures the format for GST compliant invoices according to 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 of this modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, instead of filing all the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.