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 place a burden on. 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 software program. However, ERP is providing 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, 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 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to fresh account laws.
ERP’s tax module will help firms to calculate their tax returns on product sales and purchases data. It then audits the number before filing the GST returns. Could help prevent up enormous time of the company’s accountants and assists them to immensely when the daily transactions of goods or services are immense.
Error-free Taxes filing
Besides supporting all types of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that painless filing of tax statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one submit an organised way. So, they can later access it any time if requested. Being able to view from a cloud source point, tax accountants perform real-time without having to use any manual data.
ERP can give the facility to master all any personal GST regulations in other GST module. It enables the companies or taxpayers to comply with GST while issuing invoices for negotiations. 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 the 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 with GST compliant ERP to get a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced www GST Gov in Login Online India-enabled ERP software to cure their associated with GST return filing. With it, instead of filing all the returns manually, they need to just invest all sales and purchase invoices details and the GST returns gets computed automatically.