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 return. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even though it is far much better the earlier fragmented dicey tax system. 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, 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 in the ERP’s tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to brand new account computer codes.
Audit
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. It then audits numerous before filing the GST returns. This saves up enormous time of this company’s accountants and enables them immensely when the daily transactions of goods or services are tremendous.
Error-free Tax statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that painless filing of tax returns. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one place in an organised way. So, they can later can get on any time if needed. Being able in order to access from a cloud source point, tax accountants could work real-time without having to use any manual data.
GST billing
ERP provides the facility to master all particulars about GST regulations in will need to GST Registration in India component. It enables the lenders or taxpayers to take into accout GST while issuing invoices for operations. 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 and they must know which for the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, instead of filing all the returns manually, they decide to just put in all sales and purchase invoices details and the GST returns gets computed automatically.
