Make your 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 promote. 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 a modified and encompassing tax system even although it is far compared to the earlier fragmented dicey tax pc. 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, given this forth.
Read on below to know how ERP systems roll out 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 Online Registration in India and services transactions respectively. But, now those codes get combined with GST inside ERP’s tax module. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to fresh account limitations.
Audit
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. Great deal up enormous time with the company’s accountants and assists them to immensely when the daily transactions of services or goods are outstanding.
Error-free Taxation statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for that painless filing of tax statements. 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 practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data in a number of years at one put into an organised way. So, they can later can get on any time if sought. Being able to access from a cloud source point, tax accountants can work real-time without making use of any manual data.
GST billing
ERP is providing the facility to master all any personal GST regulations in a separate GST component. It enables the companies or taxpayers to agree to GST while issuing invoices for transactions. It configures the format for GST compliant invoices depending on 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 and also so they must know which on the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP may be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their associated with GST return filing. With it, instead of filing all the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.
