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 tax return. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far much better the earlier fragmented dicey tax system. However, ERP is supplying 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 unveil 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 in the ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the actual account limitations.
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the GST returns. This saves up enormous time of the company’s accountants and enables them immensely as soon as the daily transactions of goods or services are tremendous.
Error-free Tax statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine help easy identification and correction of all errors for the painless filing of taxation assessments. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one spot in an organised way. So, they can later can get on any time if required. Being able to get into from a cloud source point, tax accountants works real-time without having to use any manual data.
GST Online Registration in India billing
ERP offers the facility to master all any personal GST regulations in an individual GST element. It enables the companies or taxpayers to abide by GST while issuing invoices for transactions. It configures the format for GST 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 they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP is still 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 opposed to filing all the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.