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 altered and encompassing tax system even although it is far much better the earlier fragmented dicey tax system. 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 system, including taxes computation, configuration, liability accounting, master data amendments, reporting, and so 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 buy 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 in the ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to fresh account writes.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. Could help prevent up enormous time with the company’s accountants and enables them to immensely when the daily transactions of goods or services are outstanding.
Error-free Taxes filing
Besides supporting all types of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for that painless filing of taxes. Further, it assists 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 can get on any time if requested. Being able to get into from a cloud source point, tax accountants works real-time without having to use any manual data.
ERP offers the facility to master all the specifics of GST Registration Portal Login regulations in other GST module. It enables nokia’s or taxpayers to comply with 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 the companies. Their existing system needs major revamping and so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their process of GST return filing. With it, as an alternative to filing all of the returns manually, they decide to just devote all sales and purchase invoices details and the GST returns gets computed automatically.