GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. 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 improved and encompassing tax system even though it is far compared to the earlier fragmented dicey tax physique. However, ERP is supplying 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, was in fact 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 eat 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to brand new account laws.
ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. It then audits the number 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 goods or services are immense.
Error-free Tax returns filing
Besides supporting all connected with GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your painless filing of tax returns. 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 expert.
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 hop on any time if requested. Being able to access from a cloud source point, tax accountants can figure real-time without having any manual data.
ERP can give the facility to master all the owner of GST regulations in an individual GST component. It enables nokia’s or taxpayers to comply with GST Portal Login Online India while issuing invoices for operations. It configures the format for GST compliant invoices depending on 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 along with must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, rather than filing all the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.