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 return. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxes. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far much better than the earlier fragmented dicey tax equipment. However, ERP is providing 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, given this 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 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 your past ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the new account laws.
Audit
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. It then audits the amount before filing the GST returns. Could help prevent up enormous time for the company’s accountants and enables them immensely when the daily transactions of goods or services are titanic.
Error-free Tax statements filing
Besides supporting all forms of GST transactions, ERP’s tax engine help easy identification and correction of all errors for the painless filing of tax returns. 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 provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one placed into an organised way. So, they can later hop on any time if required. Being able to access from a cloud source point, tax accountants works real-time without having to use any manual data.
GST billing
ERP is providing the facility to master all the owner of GST regulations in an individual GST element. It enables nokia’s or taxpayers to take into accout 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 your 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 the GST compliant ERP to get a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, as opposed to filing all the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.
