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 tax. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far much better the earlier fragmented dicey tax software program. However, ERP is giving them with the facility to comply with GST Application Online in India 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, was in fact 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 in the ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the new account limitations.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. After that it audits the amount before filing the GST returns. Helps save up enormous time of your company’s accountants and helps them immensely once the daily transactions of goods or services are huge.
Error-free Taxation assessments filing
Besides supporting all forms of GST transactions, ERP’s tax engine help in 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 share with their Chartered Accountant, or tax chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one placed into an organised way. So, they can later jump on any time if sought. Being able in order to access from a cloud source point, tax accountants can figure real-time without having any manual data.
ERP is providing the facility to master all the owner of GST regulations in other GST module. It enables the companies or taxpayers to adhere to 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 your companies. Their existing system needs major revamping and so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP in order to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, as opposed to filing all of the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.