GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange bombs. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxation’s. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though 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 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, was in fact forth.
Read on below to know how ERP systems reveal 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the new account computer codes.
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. It then audits quantity of before filing the GST returns. Helps save up enormous time of this company’s accountants and enables them immensely when the daily transactions of services or Goods and Services Tax Website are huge.
Error-free Tax returns filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help out with 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 away to 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 spot in an organised way. So, they can later hop on any time if really needed. Being able to look for from a cloud source point, tax accountants can figure real-time without having to use any manual data.
ERP provides the facility to master all particulars about GST regulations in a separate GST unit. It enables the businesses or taxpayers to abide by 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 your companies. Their existing system needs major revamping and also so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP is still a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their associated with GST return filing. With it, as opposed 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.