GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. 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 although it is far much better than the earlier fragmented dicey tax software program. However, ERP is giving them with the facility to comply with GST Portal Login Online India 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, 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 have got 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. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from online marketing to the actual account writes.
ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the GST returns. Could help prevent up enormous time for the company’s accountants and helps them immensely when the daily transactions of goods or services are titanic.
Error-free Taxation statements filing
Besides supporting all types of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for your painless filing of tax returns. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax practitioner.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one place in an organised way. So, they can later access any time if sought. Being able to get into from a cloud source point, tax accountants perform real-time without making use of any manual data.
ERP offers the facility to master all any personal GST regulations in will need to GST unit. It enables nokia’s or taxpayers to adhere to GST while issuing invoices for operations. 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 your companies. Their existing system needs major revamping along with must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP to get a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, instead of filing all of the returns manually, they will need just invest all sales and purchase invoices details and the GST returns gets computed automatically.