GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. Ever since GST Registration Portal Login 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 an improved and encompassing tax system even though it is far compared to the earlier fragmented dicey tax pc. However, ERP is supplying 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, technique was known 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 the actual ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to fresh account writes.
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. Could help prevent up enormous time of this company’s accountants and assists them to immensely as soon as the daily transactions of goods or services are titanic.
Error-free Tax returns filing
Besides supporting all connected with GST transactions, ERP’s tax engine help easy identification and correction of all errors for your painless filing of taxation assessments. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one placed into an organised way. So, they can later can get on any time if sought. Being able to look for from a cloud source point, tax accountants works real-time without having any manual data.
ERP offers the facility to master all the specifics of GST regulations in some other GST module. It enables the businesses or taxpayers to agree to 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 the companies. Their existing system needs major revamping and also so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP to get a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, instead of filing all the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.