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 tax. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far much better than the earlier fragmented dicey tax equipment. However, ERP is giving them with the facility to comply with GST 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 to eat 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. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to fresh account limitations.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. It then audits first decompose . before filing the GST returns. Could help prevent up enormous time for the company’s accountants and assists them to immensely once the daily transactions of goods or services are immense.
Error-free Taxes filing
Besides supporting all regarding GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for the 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one submit an organised way. So, they can later access any time if requested. Being able to view from a cloud source point, tax accountants perform real-time without needing any manual data.
ERP offers the facility to master all the owner of GST Registration Portal Login regulations in a separate GST element. It enables the lenders or taxpayers to agree to GST while issuing invoices for operations. It configures the format for GST compliant invoices as 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 that companies. Their existing system needs major revamping so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP to get a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as opposed to filing all of the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.