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 place a burden on. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far much better the earlier fragmented dicey tax system. 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, technique was known forth.
Read on below to know how ERP systems roll out 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 Tax Website and services transactions respectively. But, now those codes get combined with GST in the ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to fresh account computer codes.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST returns. Could help prevent up enormous time of this company’s accountants and enables them immensely when the daily transactions of services or goods are titanic.
Error-free Tax statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that painless filing of taxation assessments. Further, it assists 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 in a number of years at one spot in an organised way. So, they can later access any time if really needed. Being able to access from a cloud source point, tax accountants can work real-time without having any manual data.
ERP offers the facility to master all particulars about GST regulations in a separate GST unit. It enables adidas and puma or taxpayers to adhere 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 your companies. Their existing system needs major revamping so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP remains to 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 the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.