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 taxation’s. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far much better the earlier fragmented dicey tax equipment. However, ERP is providing them with the facility to comply with GST 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, crafted 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 inside ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to brand new account limitations.
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. It then audits quantity of before filing the GST returns. This saves up enormous time with the company’s accountants and assists them immensely once the daily transactions of services or goods are tremendous.
Error-free Taxation statements filing
Besides supporting all forms of GST transactions, ERP’s tax engine help in 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one place in an organised way. So, they can later jump on any time if required. Being able to look for from a cloud source point, tax accountants could work real-time without having any manual data.
GST Portal Login Online India billing
ERP can give the facility to master all the owner of GST regulations in other GST module. It enables the businesses or taxpayers to adhere to GST while issuing invoices for purchases. 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 so they must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP is still a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, rather than filing all of the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.