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 taxation’s. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far much better than the earlier fragmented dicey tax equipment. However, ERP is giving them with the facility to comply with GST Online Registration in India 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 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. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to brand new account codes.
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. It then audits the amount before filing the GST returns. Great deal up enormous time for the company’s accountants and helps them immensely as soon as the daily transactions of goods or services are outstanding.
Error-free Taxation statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine help 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 share with their Chartered Accountant, or tax doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one placed into an organised way. So, they can later hop on any time if really needed. Being able to get into from a cloud source point, tax accountants could work real-time without having any manual data.
ERP can give the facility to master all any personal GST regulations in a separate GST unit. It enables adidas and puma or taxpayers to abide by GST while issuing invoices for negotiations. 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 they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP in order to be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, instead of 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.