Develop 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 trade. 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 an altered and encompassing tax system even although it is far compared to the earlier fragmented dicey tax equipment. However, ERP is giving 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, and so 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 to eat a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Services Tax Website 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 today’s to fresh account writes.
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. Could help prevent up enormous time of this company’s accountants and enables them immensely once the daily transactions of goods or services are huge.
Error-free Taxes filing
Besides supporting all types of GST transactions, ERP’s tax engine help in easy identification and correction of all errors for that painless filing of taxes. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax provider.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for a number of years at one put into an organised way. So, they can later can get on any time if needed. Being able to view from a cloud source point, tax accountants can figure real-time without making use of any manual data.
GST billing
ERP offers the facility to master all the owner of GST regulations in some other GST module. It enables the companies or taxpayers to adhere to 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 for the modules will affect and which will correlate to new tax rules.
While smooth transitioning with GST compliant ERP to get a costly affair, especially for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their associated with GST return filing. With it, rather than filing all of the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.
