You can 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 exchange. 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 an altered and encompassing tax system even though it is far much better the earlier fragmented dicey tax pc. However, ERP is providing them with the facility to comply with GST and embrace the changes wholeheartedly. 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, was in fact 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 services transactions respectively. But, now those codes get combined with GST in the ERP’s tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the account limitations.
Audit
ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. After that it audits the number before filing the GST Online Registration in India returns. Could help prevent up enormous time with the company’s accountants and enables them to immensely as soon as the daily transactions of goods or services are outstanding.
Error-free Tax returns filing
Besides supporting all forms of GST transactions, ERP’s tax engine help in 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 their Chartered Accountant, or tax expert.
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 really needed. Being able to look for from a cloud source point, tax accountants can work real-time while not having any manual data.
GST billing
ERP offers the facility to master all information about GST regulations in a separate GST element. It enables nokia’s or taxpayers to comply with GST while issuing invoices for negotiations. 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 and also so they must know which of the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP is still a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their associated with GST return filing. With it, rather than filing all the returns manually, they decide to just devote all sales and purchase invoices details and the GST returns gets computed automatically.
