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 taxes. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far better than the earlier fragmented dicey tax software program. However, ERP is providing 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, crafted 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 provide 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 your past ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to brand new account computer codes.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. It then audits quantity of before filing the GST returns. This will up enormous time for the company’s accountants and enables them immensely once the daily transactions of services or goods are titanic.
Error-free Taxes filing
Besides supporting all forms of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that painless filing of tax statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one put into an organised way. So, they can later access any time if required. Being able in order to access from a cloud source point, tax accountants can work real-time without having to use any manual data.
GST Website India online billing
ERP is providing the facility to master all the owner of GST regulations in a separate GST module. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for sales. 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 so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP is still a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as opposed to 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.