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 tax. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far much better the earlier fragmented dicey tax physique. However, ERP is supplying 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, technique was known 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 provide 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 Website India online 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 present-day to brand new account limitations.
ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. It then audits the number before filing the GST returns. This will up enormous time with the company’s accountants and assists them to immensely as soon as the daily transactions of goods or services are titanic.
Error-free Taxes filing
Besides supporting all regarding GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that 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 provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one place in an organised way. So, they can later access any time if needed. Being able to access from a cloud source point, tax accountants works real-time without making use of any manual data.
ERP provides the facility to master all particulars about GST regulations in a separate GST unit. 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 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 of this modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP may be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, rather than filing all of the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.