GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. 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 altered and encompassing tax system even although it is far better than the earlier fragmented dicey tax pc. However, ERP is giving 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, given this 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 have got 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the account laws.
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. This saves up enormous time with the company’s accountants and assists them immensely as soon as the daily transactions of services or goods are huge.
Error-free Taxation statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine help easy identification and correction of all errors for your painless filing of tax statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later tell 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 placed into an organised way. So, they can later access it any time if needed. Being able in order to access from a cloud source point, tax accountants perform real-time without having to use any manual data.
ERP provides the facility to master all the owner of GST regulations in will need to GST unit. It enables the companies or taxpayers to take into accout GST while issuing invoices for operations. 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 your companies. Their existing system needs major revamping and also so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP in order to be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST Registration Portal Login-enabled ERP software to ease their associated with GST return filing. With it, instead of filing all of the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.