Make the Business GST Compliant With ERP
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 tax. 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 system. However, ERP is giving them with the facility to comply with GST and embrace the changes completely. 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 unveil a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.
Chart of Accounts
Businesses earlier used to provide a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Service Tax Registration in India Online and services transactions respectively. But, now those codes get combined with GST the actual ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to fresh account computer codes.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. This saves up enormous time of the company’s accountants and enables them immensely when the daily transactions of goods or services are tremendous.
Error-free Taxation statements filing
Besides supporting all regarding GST transactions, ERP’s tax engine help easy identification and correction of all errors for the painless filing of taxes. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one place in an organised way. So, they can later access it any time if required. Being able to get into from a cloud source point, tax accountants works real-time while not having any manual data.
ERP offers the facility to master all information about GST regulations in some other GST unit. It enables the businesses or taxpayers to agree to GST while issuing invoices for negotiations. 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 GST ready is challenging job for the 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 the GST compliant ERP is still a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, rather than filing all of the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.