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 tax return. 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 software program. However, ERP is giving them with the facility to comply with GST Application Online in India 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, and so 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 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 your past ERP’s tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the actual account writes.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. It then audits quantity of before filing the GST returns. This saves up enormous time of the company’s accountants and enables them to immensely once the daily transactions of goods or services are outstanding.
Error-free Taxation assessments filing
Besides supporting all connected with GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that painless filing of tax 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one spot in an organised way. So, they can later access it any time if requested. Being able in order to access from a cloud source point, tax accountants works real-time without needing any manual data.
ERP can give the facility to master all the specifics of GST regulations in other GST unit. It enables the lenders or taxpayers to adhere to GST while issuing invoices for sales. It configures the format for GST compliant invoices per 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 your companies. Their existing system needs major revamping and so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as an alternative to filing all the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.