GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. 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 compared to the earlier fragmented dicey tax pc. However, ERP is giving them with the facility to comply with GST and embrace the changes totally. 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, technique was known 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 have got a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Service Tax Registration in India Online and services transactions respectively. But, now those codes get combined with GST the actual 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 today’s to brand new account laws.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. After that it audits first decompose . before filing the GST returns. Could help prevent up enormous time of your company’s accountants and helps them immensely as soon as the daily transactions of services or goods are outstanding.
Error-free Taxation assessments filing
Besides supporting all connected with GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxation assessments. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one put into an organised way. So, they can later can get on any time if required. Being able to view from a cloud source point, tax accountants can work real-time while not having any manual data.
ERP is providing the facility to master all particulars about GST regulations in a separate GST module. It enables adidas and puma or taxpayers to abide by GST while issuing invoices for sales. It configures the format for GST compliant invoices 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 they must know which in 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, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, rather than filing all the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.