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 taxation’s. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far much better the earlier fragmented dicey tax system. 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 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 the actual ERP’s tax module. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the new account limitations.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits the number before filing the GST returns. This saves up enormous time with the company’s accountants and helps them immensely as soon as the daily transactions of goods or services are tremendous.
Error-free Taxation statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for your painless filing of tax statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later share with 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 place in an organised way. So, they can later access it any time if sought. Being able in order to access from a cloud source point, tax accountants could work real-time without making use of any manual data.
GST Registration in India billing
ERP is providing the facility to master all the specifics of GST regulations in a separate GST module. It enables the lenders or taxpayers to comply with GST while issuing invoices for purchases. It configures the format for GST compliant invoices depending on 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 on the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP remains to be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, rather than 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.