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 much better than the earlier fragmented dicey tax pc. 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, 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 to eat 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 inside ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to fresh account computer codes.
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. This will up enormous time with the company’s accountants and enables them to immensely once the daily transactions of goods or services are outstanding.
Error-free Taxes filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for your painless filing of taxation statements. 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 provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one submit an organised way. So, they can later hop on any time if sought. Being able to access from a cloud source point, tax accountants works real-time without needing any manual data.
ERP provides the facility to master all the specifics of GST regulations in will need to GST module. It enables the businesses or taxpayers to comply with 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 Application Online in India ready is challenging job for your companies. Their existing system needs major revamping and also so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning using 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 relieve their process of GST return filing. With it, instead of 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.