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 tax return. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far compared to the earlier fragmented dicey tax system. However, ERP is giving them with the facility to comply with GST and embrace the changes completely. 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 reveal 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 Tax Registration in India Online and services transactions respectively. But, now those codes get combined with GST in the ERP's tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to fresh account writes.
ERP's tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. Great deal up enormous time of your company's accountants and helps them immensely as soon as the daily transactions of goods or services are huge.
Error-free Taxation assessments filing
Besides supporting all forms of GST transactions, ERP's tax engine support in easy identification and correction of all errors for that painless filing of tax statements. 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 doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one place in an organised way. So, they can later can get on any time if sought. Being able in order to access from a cloud source point, tax accountants perform real-time without needing any manual data.
ERP provides the facility to master all particulars about GST regulations in will need to GST module. It enables the businesses or taxpayers to abide by GST while issuing invoices for purchases. 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 and also so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP in order to be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their process of GST return filing. With it, as an alternative to filing all of the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.