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 taxation’s. 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 completely. 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, and so 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 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 inside ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the actual account computer codes.
Audit
ERP’s tax module support firms to calculate their tax returns on product sales and purchases data. It then audits first decompose . before filing the GST returns. Great deal up enormous time with the company’s accountants and helps them immensely as soon as the daily transactions of Goods and Services Tax Registration in India Online or services are titanic.
Error-free Taxation statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of taxes. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax doctor.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data to find a number of years at one placed into an organised way. So, they can later hop on any time if required. Being able to view from a cloud source point, tax accountants works real-time without making use of any manual data.
GST billing
ERP is providing the facility to master all the specifics of GST regulations in other GST element. It enables adidas and puma or taxpayers to take into accout GST while issuing invoices for transactions. It configures the format for GST compliant invoices according to 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 along with must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning to a GST compliant ERP may be a costly affair, particularly 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 of the returns manually, they require to just devote all sales and purchase invoices details and the GST returns gets computed automatically.
