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 although it is far compared to the earlier fragmented dicey tax equipment. 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, given this 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 the actual 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 new account codes.
ERP's tax module assist 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 with the company's accountants and enables them immensely when the daily transactions of goods or services are outstanding.
Error-free Taxes filing
Besides supporting all varieties of GST transactions, ERP's tax engine support in easy identification and correction of all errors for the painless filing of taxation assessments. Further, it assists 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 to find a number of years at one placed into 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 having to use any manual data.
ERP can give the facility to master all information about GST Portal Login Online India regulations in a separate GST element. It enables the businesses or taxpayers to agree to GST while issuing invoices for operations. It configures the format for GST compliant invoices as 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 the companies. Their existing system needs major revamping and they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP is still a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, as opposed to filing all of the returns manually, they decide to just devote all sales and purchase invoices details and the GST returns gets computed automatically.