GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and promote. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax return. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far much better the earlier fragmented dicey tax equipment. However, ERP is giving 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 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 the actual account laws.
ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . 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 immense.
Error-free Taxation statements filing
Besides supporting all regarding 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one spot in an organised way. So, they can later can get on any time if required. Being able in order to access from a cloud source point, tax accountants can figure real-time without making use of any manual data.
ERP provides the facility to master all any personal GST regulations in will need to GST module. It enables adidas and puma or taxpayers to abide by GST while issuing invoices for purchases. 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 they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP is still a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST Registration Online in India-enabled ERP software to help relieve their associated with GST return filing. With it, as an alternative to filing all of the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.