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 an altered and encompassing tax system even though it is far much better the earlier fragmented dicey tax pc. However, ERP is giving 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, given this 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 have 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 current to brand new account writes.
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. Helps save up enormous time of your company’s accountants and assists them immensely once the daily transactions of goods or services are titanic.
Error-free Tax statements filing
Besides supporting all types of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for your painless filing of taxes. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one place in an organised way. So, they can later jump on any time if required. Being able in order to access from a cloud source point, tax accountants can work real-time without making use of any manual data.
ERP is providing the facility to master all particulars about GST regulations in will need to GST component. It enables the lenders or taxpayers to take into accout GST Portal Login Online India while issuing invoices for purchases. 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 ready is challenging job for the 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 with 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 help ease their process of GST return filing. With it, rather than filing all the returns manually, they will need just invest all sales and purchase invoices details and the GST returns gets computed automatically.