GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and promote. 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 than the earlier fragmented dicey tax physique. However, ERP is providing 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, 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 have got 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. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to brand new account computer codes.
ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. It then audits quantity of before filing the GST returns. Could help prevent up enormous time of this company’s accountants and enables them immensely as soon as the daily transactions of services or goods are huge.
Error-free Tax statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of tax statements. 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 practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one submit an organised way. So, they can later access it any time if really needed. Being able to look for from a cloud source point, tax accountants can figure real-time without needing any manual data.
ERP is providing the facility to master all any personal GST regulations in an individual GST unit. It enables nokia’s or taxpayers to adhere to GST while issuing invoices for purchases. It configures the format for GST Portal Login Online India compliant invoices specialists 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 that companies. Their existing system needs major revamping and also so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP is still a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, as an alternative to filing all of the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.