GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange. 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 an improved and encompassing tax system even although it is far much better the earlier fragmented dicey tax physique. However, ERP is giving 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 Application Online in India system, including taxes computation, configuration, liability accounting, master data amendments, reporting, technique was known 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 to have 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to brand new account limitations.
ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. It then audits quantity of before filing the GST returns. This saves up enormous time with the company’s accountants and enables them to immensely as soon as the daily transactions of goods or services are outstanding.
Error-free Tax returns filing
Besides supporting all connected with GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of tax returns. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax expert.
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 can get on any time if needed. Being able to view from a cloud source point, tax accountants perform real-time while not having any manual data.
ERP can give the facility to master all any personal GST regulations in other GST component. It enables nokia’s or taxpayers to abide by GST while issuing invoices for purchases. It configures the format for GST compliant invoices according to 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 to get a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, rather than filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.