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 taxes. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far much better than the earlier fragmented dicey tax software program. However, ERP is giving 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 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 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 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 today’s to the account limitations.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. This will up enormous time of this company’s accountants and assists them immensely as soon as the daily transactions of goods or services are titanic.
Error-free Tax statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one place in an organised way. So, they can later access any time if needed. Being able to get into from a cloud source point, tax accountants works real-time without making use of any manual data.
ERP offers the facility to master all the specifics of GST regulations in will need to GST element. It enables the lenders or taxpayers to comply with GST while issuing invoices for transactions. 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 along with must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST Portal Login Online India compliant ERP remains to be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as an alternative to filing all the returns manually, they need to just invest all sales and purchase invoices details and the GST returns gets computed automatically.