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 place a burden on. 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 pc. 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 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 provide 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. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the new account laws.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST returns. Could help prevent up enormous time of your company’s accountants and enables them immensely when the daily transactions of goods or services are huge.
Error-free Tax statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of taxation 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one place in an organised way. So, they can later hop on any time if requested. Being able to look for from a cloud source point, tax accountants can work real-time without needing any manual data.
ERP provides the facility to master all the owner of GST regulations in an individual GST component. It enables the companies or taxpayers to agree to GST while issuing invoices for sales. It configures the format for GST compliant invoices according to 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 along with must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST Registration Portal Login compliant ERP is still a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, rather than filing all the returns manually, they decide to just put in all sales and purchase invoices details and the GST returns gets computed automatically.