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 taxes. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far compared to the earlier fragmented dicey tax physique. However, ERP is providing 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, given this 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the new account computer codes.
Audit
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST Registration Portal Login returns. Great deal up enormous time of your company’s accountants and assists them immensely once the daily transactions of goods or services are titanic.
Error-free Taxes filing
Besides supporting all types of GST transactions, ERP’s tax engine help easy identification and correction of all errors for that painless filing of taxes. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give away to 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 hop on any time if required. Being able to access from a cloud source point, tax accountants can figure real-time without making use of any manual data.
GST billing
ERP offers the facility to master all any personal GST regulations in some other GST unit. It enables the businesses or taxpayers to comply with GST while issuing invoices for transactions. It configures the format for GST compliant invoices according to 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 along with 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, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, as opposed to filing all the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.