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 an altered and encompassing tax system even although it is far 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, 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 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 your past ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the new account writes.
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. It then audits the number before filing the GST returns. Helps save up enormous time of this company’s accountants and enables them to immensely once the daily transactions of services or goods are immense.
Error-free Tax returns filing
Besides supporting all types of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of tax statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give 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 it any time if requested. Being able to get into from a cloud source point, tax accountants could work real-time without having to use any manual data.
GST Portal Login Online India billing
ERP provides the facility to master all the owner of GST regulations in will need to GST unit. It enables the companies or taxpayers to abide by GST while issuing invoices for negotiations. 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 also so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP to get a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to cure their process of GST return filing. With it, rather than filing all the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.