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 taxes. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far better than the earlier fragmented dicey tax system. However, ERP is supplying 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, given this 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 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 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 current to fresh account writes.
ERP’s tax module assist 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 of the company’s accountants and enables them to immensely as soon as the daily transactions of services or goods are outstanding.
Error-free Taxation statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxation assessments. 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 practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one put into an organised way. So, they can later hop on any time if required. Being able to view from a cloud source point, tax accountants works real-time while not having any manual data.
ERP is providing the facility to master all particulars about GST regulations in an individual GST module. It enables the businesses or taxpayers to abide by GST while issuing invoices for negotiations. It configures the format for GST compliant invoices as 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 Website India online ready is challenging job for that companies. Their existing system needs major revamping and they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP may be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, as an alternative to filing all of the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.