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 an altered and encompassing tax system even although it is far much better the earlier fragmented dicey tax software program. However, ERP is providing 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, was in fact 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the account computer codes.
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 will up enormous time of the company’s accountants and enables them to immensely once the daily transactions of goods or services are huge.
Error-free Tax statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your painless filing of tax statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one put into an organised way. So, they can later access any time if sought. Being able to look for 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 information about GST regulations in a separate GST component. It enables the companies or taxpayers to take into accout GST while issuing invoices for transactions. 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 ready is challenging job for your companies. Their existing system needs major revamping along with must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning with www GST Gov in Login Online India compliant ERP is still a costly affair, individuals 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 the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.