GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. Ever since GST Portal Login Online India 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 an altered and encompassing tax system even although it is far much better the earlier fragmented dicey tax software program. However, ERP is giving 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, and so forth.
Read on below to know how ERP systems roll out 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 in the ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to the new account codes.
ERP’s tax module will help firms to calculate their tax returns on product sales and purchases data. It then audits numerous before filing the GST returns. Helps save up enormous time of your company’s accountants and assists them to immensely as soon as the daily transactions of goods or services are huge.
Error-free Taxation assessments filing
Besides supporting all regarding GST transactions, ERP’s tax engine help in easy identification and correction of all errors for the painless filing of tax returns. Further, it helps 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 in a number of years at one submit an organised way. So, they can later access it any time if really needed. Being able to access from a cloud source point, tax accountants perform real-time without making use of any manual data.
ERP is providing the facility to master all the owner of GST regulations in a separate GST unit. It enables the lenders or taxpayers to abide by GST while issuing invoices for sales. 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 ready is challenging job for your companies. Their existing system needs major revamping along with must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP to get a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, as opposed to filing all the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.