GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. 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 pc. However, ERP is providing 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, given this 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 buy 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. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to fresh account laws.
ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. It then audits the amount before filing the GST returns. Could help prevent up enormous time of this company’s accountants and enables them to immensely when the daily transactions of goods or services are outstanding.
Error-free Taxation statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for that painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax provider.
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 any time if sought. Being able to get into from a cloud source point, tax accountants works real-time without making use of any manual data.
ERP provides the facility to master all particulars about GST regulations in a separate GST unit. It enables the businesses or taxpayers to adhere to GST while issuing invoices for sales. 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 www GST Gov in Login Online India ready is challenging job for that companies. Their existing system needs major revamping so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP to get a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their associated with GST return filing. With it, as an alternative to filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.