GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange bombs. 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 altered and encompassing tax system even although it is far compared to the earlier fragmented dicey tax pc. 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, crafted 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 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 the actual ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the actual account limitations.
Audit
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. It then audits quantity of before filing the GST returns. This saves up enormous time with the company’s accountants and enables them to immensely when the daily transactions of goods or services are tremendous.
Error-free Taxation statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for the painless filing of taxes. 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 to find a number of years at one spot in an organised way. So, they can later access it any time if really needed. Being able in order to access from a cloud source point, tax accountants works real-time without having to use any manual data.
GST billing
ERP can give the facility to master all information about GST regulations in a separate GST unit. It enables nokia’s or taxpayers to take into accout GST while issuing invoices for negotiations. 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 Registration Online in India ready is challenging job for that companies. Their existing system needs major revamping so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP in order to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of 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.