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. 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 altered and encompassing tax system even though it is far much better the earlier fragmented dicey tax system. However, ERP is supplying 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, 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 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. Post new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the actual account writes.
Audit
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits the number before filing the GST returns. Could help prevent up enormous time with the company’s accountants and enables them to immensely when the daily transactions of services or Goods and Service Tax Registration in India Online are titanic.
Error-free Tax statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help easy identification and correction of all errors for the painless filing of taxation assessments. 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 chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one placed into 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 could work real-time while not having any manual data.
GST billing
ERP is providing the facility to master all any personal GST regulations in some other GST unit. 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 the companies. Their existing system needs major revamping and also so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning using a GST compliant ERP may be a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, as an alternative to filing all the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.
