GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and promote. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxation’s. 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, crafted 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 services transactions respectively. But, now those codes get combined with GST their ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to fresh account limitations.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the GST returns. Could help prevent up enormous time with the company’s accountants and assists them immensely as soon as the daily transactions of services or goods are immense.
Error-free Taxation assessments filing
Besides supporting all regarding GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one placed into an organised way. So, they can later hop on any time if required. Being able to access from a cloud source point, tax accountants perform real-time without having to use any manual data.
GST Registration Online in India billing
ERP can give the facility to master all any personal GST regulations in a separate GST element. It enables the businesses or taxpayers to adhere to GST while issuing invoices for negotiations. It configures the format for GST compliant invoices specialists 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 along with must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP may be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, as an alternative to filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.