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 place a burden on. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far better than the earlier fragmented dicey tax equipment. 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, crafted forth.
Read on below to know how ERP systems roll out 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. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to brand new account limitations.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST returns. This saves up enormous time of the company’s accountants and enables them to immensely as soon as the daily transactions of goods or services are titanic.
Error-free Tax statements filing
Besides supporting all types of GST Application Online in India transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxation 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 for any number of years at one spot in an organised way. So, they can later access it any time if requested. Being able to look for from a cloud source point, tax accountants could work real-time without having any manual data.
ERP offers the facility to master all any personal GST regulations in an individual GST element. It enables nokia’s or taxpayers to abide by GST while issuing invoices for purchases. It configures the format for GST compliant invoices according to 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 in the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP to get 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, rather than filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.