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 taxes. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far better than the earlier fragmented dicey tax software program. 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, given this 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 to eat 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 their ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the actual account laws.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. It then audits numerous before filing the GST returns. Could help prevent up enormous time of this company’s accountants and enables them immensely as soon as the daily transactions of goods or services are huge.
Error-free Tax statements filing
Besides supporting all forms of GST transactions, ERP’s tax engine help easy identification and correction of all errors for your painless filing of tax returns. 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 doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one spot in an organised way. So, they can later access any time if requested. Being able to get into from a cloud source point, tax accountants could work real-time without needing any manual data.
ERP provides the facility to master all the owner of GST regulations in other GST unit. It enables nokia’s or taxpayers to take into accout GST while issuing invoices for transactions. It configures the format for GST compliant invoices 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 and so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP to get a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, instead of filing all of the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.