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 taxation’s. 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 system. However, ERP is giving them with the facility to comply with GST and embrace the changes wholeheartedly. 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, was in fact 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 have 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 current to brand new account laws.
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the GST returns. This saves up enormous time of the company’s accountants and assists them to immensely as soon as the daily transactions of services or goods are titanic.
Error-free Taxation statements filing
Besides supporting all forms of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give 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 submit an organised way. So, they can later access it any time if needed. Being able to look for from a cloud source point, tax accountants could work real-time while not having any manual data.
ERP is providing the facility to master all particulars about GST regulations in will need to GST module. It enables the lenders or taxpayers to take into accout GST while issuing invoices for negotiations. It configures the format for GST compliant invoices specialists 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 your companies. Their existing system needs major revamping and also so they must know which of this 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, individuals SMEs, several ERP companies are launching reasonably priced www GST Gov in Login Online India-enabled ERP software to help ease their process of GST return filing. With it, as opposed to filing all of the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.