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 place a burden on. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far better than the earlier fragmented dicey tax physique. However, ERP is supplying 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 unveil 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the new account laws.
Audit
ERP’s tax module assistance firms to calculate their tax returns on product sales and purchases data. After that it audits the amount before filing the GST returns. This saves up enormous time with the company’s accountants and assists them to immensely once the daily transactions of goods or services are huge.
Error-free Taxes filing
Besides supporting all regarding GST transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one submit an organised way. So, they can later access any time if really needed. Being able to get into from a cloud source point, tax accountants perform real-time while not having any manual data.
GST Registration Portal Login billing
ERP can give the facility to master all any personal GST regulations in will need to GST module. It enables nokia’s or taxpayers to abide by GST while issuing invoices for negotiations. 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 that 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 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 cure their associated with GST return filing. With it, as an alternative to filing all the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.