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 altered and encompassing tax system even although it is far better than the earlier fragmented dicey tax system. However, ERP is supplying them with the facility to comply with GST Online Registration in India 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, and so 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 inside ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the new account limitations.
ERP’s tax module will help firms to calculate their tax returns on the sales and purchases data. It then audits the number before filing the GST returns. Great deal up enormous time with the company’s accountants and enables them immensely once the daily transactions of services or goods are immense.
Error-free Taxes filing
Besides supporting all types of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for your painless filing of tax statements. 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 for any number of years at one put into an organised way. So, they can later access any time if required. Being able to look for from a cloud source point, tax accountants perform real-time without making use of any manual data.
ERP is providing the facility to master all the owner of GST regulations in will need to GST unit. It enables nokia’s or taxpayers to take into accout GST while issuing invoices for transactions. It configures the format for GST compliant invoices per 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 also so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP may be 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 an alternative to filing all of the returns manually, they will need just devote all sales and purchase invoices details and the GST returns gets computed automatically.