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 taxation’s. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even although it is far better than the earlier fragmented dicey tax system. 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, was in fact 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 have 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the account computer codes.
ERP’s tax module will help firms to calculate their tax returns on product sales and purchases data. It then audits first decompose . before filing the GST returns. This saves up enormous time of your company’s accountants and enables them to immensely as soon as the daily transactions of goods or services are immense.
Error-free Tax statements filing
Besides supporting all connected with GST Registration Portal Login transactions, ERP’s tax engine help easy identification and correction of all errors for your 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 expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one put into an organised way. So, they can later access any time if sought. Being able to view from a cloud source point, tax accountants works real-time without needing any manual data.
ERP provides the facility to master all any personal GST regulations in other GST module. It enables adidas and puma or taxpayers to agree to GST while issuing invoices for sales. It configures the format for GST compliant invoices 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 they must know which of this 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, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their associated with GST return filing. With it, as opposed to filing all the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.