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 although it is far better than the earlier fragmented dicey tax system. However, ERP is providing 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, technique was known 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 buy 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 www GST Gov in Login Online India in the 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 fresh account computer codes.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. It then audits the amount before filing the GST returns. Great deal up enormous time of the company’s accountants and enables them to immensely when the daily transactions of services or goods are outstanding.
Error-free Tax statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of taxation assessments. 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 doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one put into an organised way. So, they can later jump on any time if needed. Being able to get into from a cloud source point, tax accountants works real-time without having any manual data.
ERP is providing the facility to master all information about GST regulations in will need to GST unit. It enables the businesses or taxpayers to abide by GST while issuing invoices for purchases. 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 the companies. Their existing system needs major revamping and they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning with 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, instead of filing all the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.