GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange. 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 altered and encompassing tax system even though it is far much better than the earlier fragmented dicey tax equipment. 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, 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 have a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Services Tax Website and services transactions respectively. But, now those codes get combined with GST the actual ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to brand new account codes.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. It then audits the number before filing the GST returns. Helps save up enormous time of your company’s accountants and enables them immensely as soon as the daily transactions of services or goods are outstanding.
Error-free Tax statements filing
Besides supporting all types of GST transactions, ERP’s tax engine help 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 tell their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one place in an organised way. So, they can later access any time if required. Being able to access from a cloud source point, tax accountants works real-time without having any manual data.
ERP offers the facility to master all the owner of GST regulations in some other GST component. It enables adidas and puma or taxpayers to take into accout GST while issuing invoices for transactions. 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 to get a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their process of GST return filing. With it, as opposed to filing all of the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.