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. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far better than the earlier fragmented dicey tax software program. However, ERP is supplying 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, given this 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 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 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 the actual account codes.

Audit

ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. It then audits quantity of before filing the GST Online Registration in India returns. Great deal up enormous time with the company’s accountants and helps them immensely when the daily transactions of services or goods are tremendous.

Error-free Taxation assessments 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 taxation assessments. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later share with their Chartered Accountant, or tax chiropractic physician.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data in a number of years at one submit an organised way. So, they can later can get on any time if needed. Being able to access from a cloud source point, tax accountants perform real-time without having to use any manual data.

GST billing

ERP is providing the facility to master all information about GST regulations in other GST unit. It enables nokia’s or taxpayers to abide by GST while issuing invoices for sales. It configures the format for GST compliant invoices specialists 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 in order to 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, rather than filing all the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.