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. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far better than the earlier fragmented dicey tax software program. However, ERP is supplying them with the facility to comply with GST and embrace the changes totally. 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, crafted 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 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 inside ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the actual account laws.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. It then audits the amount before filing the GST Registration Portal Login returns. This saves up enormous time of your company’s accountants and enables them immensely once the daily transactions of goods or services are tremendous.
Error-free Tax statements filing
Besides supporting all types of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of taxation assessments. 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 provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one placed into an organised way. So, they can later hop on any time if required. Being able in order to access from a cloud source point, tax accountants works real-time while not having any manual data.
ERP provides the facility to master all any personal GST regulations in an individual GST module. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for transactions. 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 that companies. Their existing system needs major revamping and also so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP may be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, as opposed to filing all of the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.