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. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far much better than 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, and so 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 in the ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the new account writes.
ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. It then audits the amount before filing the GST returns. Helps save up enormous time with the company’s accountants and assists them to immensely when the daily transactions of goods or services are outstanding.
Error-free Taxes filing
Besides supporting all varieties of 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 practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one put into an organised way. So, they can later access it any time if needed. Being able to look for from a cloud source point, tax accountants works real-time without having to use any manual data.
ERP provides the facility to master all information about GST regulations in an individual GST element. It enables nokia’s or taxpayers to take into accout GST while issuing invoices for negotiations. It configures the format for GST compliant invoices according to the business, auto-calculates the GST Registration Online in India returns from every sale or purchase invoice and reconciles them.
All said and done, getting an ERP system GST ready is challenging job for your companies. Their existing system needs major revamping so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP in order to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as an alternative to filing all the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.