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 regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxation’s. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far much better than the earlier fragmented dicey tax pc. However, ERP is supplying 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 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 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 inside ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to fresh account laws.
ERP’s tax module will 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 immensely once the daily transactions of services or goods are titanic.
Error-free Tax statements filing
Besides supporting all connected with GST transactions, ERP’s tax engine help in easy identification and correction of all errors for the painless filing of tax statements. Further, it helps 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 for a number of years at one put into an organised way. So, they can later hop on any time if really needed. Being able in order to access from a cloud source point, tax accountants could work real-time while not having any manual data.
ERP can give the facility to master all information about GST regulations in other GST module. It enables nokia’s or taxpayers to abide by GST while issuing invoices for negotiations. It configures the format for GST compliant invoices according to 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 that companies. Their existing system needs major revamping so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP is still a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as an alternative to filing all the returns manually, they need to have to just devote all sales and purchase invoices details and the GST returns gets computed automatically.