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 although it is far compared to the earlier fragmented dicey tax physique. However, ERP is providing 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 Website India online system, including taxes computation, configuration, liability accounting, master data amendments, reporting, given this 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 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 your past 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 laws.
ERP’s tax module will help firms to calculate their tax returns on product sales and purchases data. After that it audits quantity of before filing the GST returns. This will up enormous time of this company’s accountants and enables them immensely once the daily transactions of services or goods are immense.
Error-free Tax statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine help in easy identification and correction of all errors for the painless filing of taxes. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one submit an organised way. So, they can later jump on any time if needed. Being able to look for from a cloud source point, tax accountants perform real-time while not having any manual data.
ERP is providing the facility to master all any personal GST regulations in other GST unit. It enables adidas and puma or taxpayers to take into accout GST while issuing invoices for sales. 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 the companies. Their existing system needs major revamping and so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning with 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, rather than filing all the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.