GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. 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 a modified and encompassing tax system even although it is far much better the earlier fragmented dicey tax software program. However, ERP is supplying 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 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 buy 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 the current to the account laws.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. It then audits numerous before filing the GST returns. Helps save up enormous time with the company’s accountants and assists them immensely once the daily transactions of services or goods are huge.
Error-free Taxation statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine help in easy identification and correction of all errors for your painless filing of taxation statements. Further, it assists 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 a number of years at one submit an organised way. So, they can later hop on any time if really needed. Being able to get into from a cloud source point, tax accountants can figure real-time without having any manual data.
ERP can give the facility to master all information about GST regulations in a separate GST module. It enables nokia’s or taxpayers to agree to GST while issuing invoices for operations. It configures the format for GST Website India online compliant invoices depending on 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 your companies. Their existing system needs major revamping and also so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP to get a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their associated with GST return filing. With it, as an alternative to filing all the returns manually, they decide to just put in all sales and purchase invoices details and the GST returns gets computed automatically.