GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. 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 compared to the earlier fragmented dicey tax system. However, ERP is providing 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 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 the actual ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the account writes.
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. After that it audits the number before filing the GST returns. This will up enormous time of the company’s accountants and assists them to immensely when the daily transactions of Goods and Services Tax Website or services are tremendous.
Error-free Tax statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your painless filing of tax statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one put into an organised way. So, they can later access it any time if needed. Being able to look for from a cloud source point, tax accountants works real-time without having to use any manual data.
ERP can give the facility to master all the owner of GST regulations in will need to GST unit. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for operations. 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 for the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP in order to be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, instead of filing all of the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.