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 altered and encompassing tax system even though it is far compared to the earlier fragmented dicey tax physique. However, ERP is supplying 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, was in fact 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 have got 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 Website India online inside ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the account limitations.
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. It then audits the number before filing the GST returns. Great deal up enormous time of your company’s accountants and enables them immensely as soon as the daily transactions of services or goods are outstanding.
Error-free Tax statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of tax returns. 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 put into an organised way. So, they can later access any time if needed. Being able to look for from a cloud source point, tax accountants could work real-time without making use of any manual data.
ERP offers the facility to master all particulars about GST regulations in other GST component. It enables the lenders or taxpayers to comply with GST while issuing invoices for operations. 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 that companies. Their existing system needs major revamping and also so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP remains to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as opposed to filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.