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 taxes. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far compared to the earlier fragmented dicey tax equipment. 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, was in fact 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 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 Registration Portal Login your past ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the new account limitations.
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the GST returns. Great deal up enormous time of this company’s accountants and enables them to immensely as soon as the daily transactions of goods or services are outstanding.
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 taxation assessments. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one spot in an organised way. So, they can later access it any time if required. Being able to view from a cloud source point, tax accountants works real-time without making use of any manual data.
ERP is providing the facility to master all the specifics of GST regulations in a separate GST unit. It enables the lenders or taxpayers to agree to GST while issuing invoices for sales. 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 the companies. Their existing system needs major revamping and 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, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, rather than filing all of the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.