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 taxes. 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 physique. However, ERP is providing them with the facility to comply with GST and embrace the changes wholeheartedly. 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, given this 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 have got 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the account writes.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. It then audits first decompose . before filing the GST returns. Great deal up enormous time for the company’s accountants and assists them immensely as soon as the daily transactions of services or goods are huge.
Error-free Tax returns filing
Besides supporting all connected with GST transactions, ERP’s tax engine support in easy identification and correction of all errors for your painless filing of tax statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one placed into an organised way. So, they can later can get on any time if requested. Being able to get into from a cloud source point, tax accountants can work real-time without needing any manual data.
ERP provides the facility to master all the specifics of GST regulations in other GST component. It enables the companies or taxpayers to agree to GST while issuing invoices for sales. 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 Online Registration in India ready is challenging job for the 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 a few GST compliant ERP is still a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their process of GST return filing. With it, rather than filing all of the returns manually, they need to have to just invest all sales and purchase invoices details and the GST returns gets computed automatically.