GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange bombs. 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 an improved and encompassing tax system even although it is far 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, crafted forth.
Read on below to know how ERP systems reveal a complete solution for businesses and services firms to comply with GST Registration in India 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the account writes.
ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. It then audits first decompose . before filing the GST returns. Great deal up enormous time of this company’s accountants and enables them immensely once the daily transactions of goods or services are titanic.
Error-free Taxation statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for your 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 provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one place in an organised way. So, they can later hop on any time if required. 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 the owner of GST regulations in an individual GST component. It enables nokia’s or taxpayers to abide by 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 the companies. Their existing system needs major revamping along with must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP may be a costly affair, particularly for 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 the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.