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 Registration Portal Login 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 a modified and encompassing tax system even though it is far much better than the earlier fragmented dicey tax system. However, ERP is providing them with the facility to comply with GST 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, 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 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 the account writes.
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits quantity of before filing the GST returns. This will up enormous time of the company’s accountants and assists them to immensely as soon as the daily transactions of services or goods are tremendous.
Error-free Taxation assessments filing
Besides supporting all connected with GST transactions, ERP’s tax engine help in 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 to find a number of years at one put into an organised way. So, they can later access it any time if needed. Being able to get into from a cloud source point, tax accountants perform real-time without needing any manual data.
ERP can give the facility to master all the owner of GST regulations in will need to GST element. It enables the companies or taxpayers to abide by GST while issuing invoices for operations. 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 the companies. Their existing system needs major revamping and also so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP may be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, rather than filing all of the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.