GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and promote. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax return. 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 software program. However, ERP is providing them with the facility to comply with GST Registration Online in India 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 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 their ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the new account computer codes.
ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. It then audits numerous before filing the GST returns. This saves up enormous time of this company’s accountants and assists them immensely when the daily transactions of goods or services are tremendous.
Error-free Tax statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine help easy identification and correction of all errors for your painless filing of taxation assessments. 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 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 hop on any time if required. Being able to look for from a cloud source point, tax accountants can figure real-time without making use of any manual data.
ERP provides the facility to master all the owner of GST regulations in an individual GST element. It enables the companies or taxpayers to adhere to 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 that companies. Their existing system needs major revamping and so 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 to get a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as opposed to filing all of the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.