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 tax. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far much better than the earlier fragmented dicey tax system. However, ERP is giving them with the facility to comply with GST Application Online in India 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 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 transactions respectively. But, now those codes get combined with GST inside ERP’s tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to brand new account writes.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. It then audits quantity of before filing the GST returns. Could help prevent up enormous time of this company’s accountants and assists them immensely when the daily transactions of services or goods are titanic.
Error-free Taxation statements 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 taxes. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one placed into an organised way. So, they can later jump on any time if really needed. Being able to get into from a cloud source point, tax accountants perform real-time without having any manual data.
ERP is providing the facility to master all the specifics of GST regulations in an individual GST element. It enables nokia’s or taxpayers to adhere to GST while issuing invoices for sales. 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 on the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP is still a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their process of GST return filing. With it, instead of filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.