You could 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 taxes. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far much better than the earlier fragmented dicey tax pc. However, ERP is providing 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 Online Registration in India 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 their ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the new account limitations.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. Great deal up enormous time with the company’s accountants and assists them to immensely as soon as the daily transactions of goods or services are titanic.
Error-free Taxation assessments filing
Besides supporting all regarding GST transactions, ERP’s tax engine help in easy identification and correction of all errors for the painless filing of taxation assessments. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax chiropractic physician.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one spot in an organised way. So, they can later jump on any time if requested. Being able in order to access from a cloud source point, tax accountants perform real-time without needing any manual data.
ERP provides the facility to master all any personal GST regulations in an individual GST unit. It enables the businesses or taxpayers to comply with GST while issuing invoices for transactions. 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 that companies. Their existing system needs major revamping so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP remains to be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their process of GST return filing. With it, as an alternative to filing all the returns manually, they require to just invest all sales and purchase invoices details and the GST returns gets computed automatically.