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 tax. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far compared to the earlier fragmented dicey tax software program. 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 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 eat a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and service Tax Online Registration in India and services transactions respectively. But, now those codes get combined with GST the actual ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the account computer codes.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. It then audits quantity of before filing the GST returns. This saves up enormous time with the company’s accountants and enables them immensely once the daily transactions of goods or services are tremendous.
Error-free Tax statements filing
Besides supporting all types of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your painless filing of tax 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one submit an organised way. So, they can later access it any time if really needed. Being able in order to access from a cloud source point, tax accountants can work real-time without having any manual data.
ERP is providing the facility to master all information about GST regulations in other GST unit. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for transactions. 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 ready is challenging job for your companies. Their existing system needs major revamping and they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP remains to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, rather than filing all of the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.