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 taxation’s. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far much better the earlier fragmented dicey tax physique. 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 reveal 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 their ERP’s tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to brand new account limitations.
ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. It then audits quantity of before filing the GST returns. This saves up enormous time with the company’s accountants and enables them to immensely as soon as the daily transactions of Goods and Service Tax Application in India Online or services are titanic.
Error-free Taxation statements filing
Besides supporting all types of GST transactions, ERP’s tax engine help easy identification and correction of all errors for your painless filing of taxation assessments. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one put into an organised way. So, they can later can get on any time if sought. Being able to get into from a cloud source point, tax accountants perform real-time without needing any manual data.
ERP is providing the facility to master all the owner of GST regulations in will need to GST element. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for transactions. It configures the format for GST compliant invoices depending on 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 so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP in order to be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, instead of filing all the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.