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 a modified and encompassing tax system even though it is far much better than the earlier fragmented dicey tax pc. However, ERP is giving 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, and so 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 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 the current to brand new account laws.
ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. It then audits numerous before filing the GST returns. Great deal up enormous time of this company’s accountants and enables them to immensely as soon as the daily transactions of goods or services are tremendous.
Error-free Tax statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine support in easy identification and correction of all errors for your painless filing of taxation assessments. 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 doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one spot in an organised way. So, they can later can get on any time if sought. Being able to access from a cloud source point, tax accountants could work real-time without having any manual data.
ERP can give the facility to master all particulars about GST regulations in some other GST component. It enables the companies or taxpayers to agree to GST while issuing invoices for purchases. It configures the format for GST compliant invoices 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 Portal Login Online India ready is challenging job for your companies. Their existing system needs major revamping and also so they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP in order to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, instead of filing all the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.