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 improved and encompassing tax system even although it is far better than the earlier fragmented dicey tax system. However, ERP is supplying them with the facility to comply with GST and embrace the changes wholeheartedly. 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, technique was known 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 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 your past ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the account codes.
Audit
ERP’s tax module will help firms to calculate their tax returns on product sales and purchases data. It then audits numerous before filing the GST returns. Great deal up enormous time for the company’s accountants and assists them to immensely once the daily transactions of services or goods are outstanding.
Error-free Taxation statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of tax returns. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax chiropractic physician.
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 any time if required. Being able to get into from a cloud source point, tax accountants can figure real-time while not having any manual data.
GST billing
ERP provides the facility to master all any personal GST regulations in will need to GST component. It enables nokia’s or taxpayers to adhere to GST while issuing invoices for operations. It configures the format for GST 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 Application Online in India ready is challenging job for the companies. Their existing system needs major revamping and also so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP is still a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, as an alternative to filing all the returns manually, they need to have to just invest all sales and purchase invoices details and the GST returns gets computed automatically.