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 place a burden on. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far much better the earlier fragmented dicey tax pc. 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, technique was known 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 have 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the new account writes.
Audit
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST returns. This will up enormous time of your company’s accountants and enables them to immensely once the daily transactions of goods or services are huge.
Error-free Taxation assessments filing
Besides supporting all varieties of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for the painless filing of taxation assessments. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one submit an organised way. So, they can later can get on any time if sought. Being able to view from a cloud source point, tax accountants could work real-time without making use of any manual data.
GST billing
ERP provides the facility to master all the owner of GST regulations in will need to GST module. It enables the companies or taxpayers to abide by GST while issuing invoices for operations. It configures the format for GST compliant invoices depending on 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 your companies. Their existing system needs major revamping along with must know which of the 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 SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of 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.