GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxation’s. 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 supplying 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, 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 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 inside ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the new account limitations.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. It then audits numerous before filing the www GST Gov in Login Online India returns. This will up enormous time with the company’s accountants and helps them immensely when the daily transactions of goods or services are immense.
Error-free Taxes filing
Besides supporting all forms of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later have for 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 place in an organised way. So, they can later hop on any time if sought. Being able to look for from a cloud source point, tax accountants perform real-time without having any manual data.
ERP is providing the facility to master all any personal GST regulations in will need to GST module. It enables the businesses or taxpayers to take into accout GST while issuing invoices for sales. 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 the companies. Their existing system needs major revamping and they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP in order to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, instead of filing all of the returns manually, they decide to just devote all sales and purchase invoices details and the GST returns gets computed automatically.