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 return. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even although it is far better than the earlier fragmented dicey tax physique. 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, 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. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today's to the account computer codes.
ERP's tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits the number before filing the GST returns. Could help prevent up enormous time of this company's accountants and helps them immensely once the daily transactions of goods or services are outstanding.
Error-free Taxation assessments filing
Besides supporting all forms of GST transactions, ERP's tax engine help easy identification and correction of all errors for your painless filing of tax returns. 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 doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one put into an organised way. So, they can later access it any time if required. Being able to access from a cloud source point, tax accountants perform real-time without having to use any manual data.
ERP is providing the facility to master all information about GST regulations in other GST component. It enables the businesses or taxpayers to take into accout GST while issuing invoices for purchases. It configures the format for GST compliant invoices according to the business, auto-calculates the GST Registration in India 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 also so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP is still a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, as opposed to filing all of the returns manually, they need to have to just invest all sales and purchase invoices details and the GST returns gets computed automatically.