GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax return. 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 providing 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, 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 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 their ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the actual account writes.
Audit
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. After that it audits quantity of before filing the GST returns. Helps save up enormous time of this company’s accountants and enables them immensely when the daily transactions of services or goods are huge.
Error-free Taxes filing
Besides supporting all forms of GST Application Online in India transactions, ERP’s tax engine support in easy identification and correction of all errors for that painless filing of taxation statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one submit an organised way. So, they can later jump on any time if needed. Being able to view from a cloud source point, tax accountants can work real-time without having to use any manual data.
GST billing
ERP is providing the facility to master all particulars about GST regulations in will need to GST unit. It enables adidas and puma or taxpayers to adhere 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 ready is challenging job for that companies. Their existing system needs major revamping and also so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP may be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, instead of filing all of the returns manually, they decide to just put in all sales and purchase invoices details and the GST returns gets computed automatically.