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 although it is far much better 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, 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 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today's to brand new account writes.
ERP's tax module assistance firms to calculate their tax returns on product sales and purchases data. After that it audits the number before filing the GST returns. Could help prevent up enormous time with the company's accountants and helps them immensely once the daily transactions of goods or services are huge.
Error-free Taxes filing
Besides supporting all types of GST transactions, ERP's tax engine help easy identification and correction of all errors for your painless filing of taxes. 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 doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find 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 could work real-time without having any manual data.
ERP provides the facility to master all information about GST regulations in will need to GST unit. It enables nokia's or taxpayers to agree to GST while issuing invoices for operations. It configures the format for GST compliant invoices according to 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 Online Registration in India ready is challenging job for that companies. Their existing system needs major revamping so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP may be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, instead of 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.