GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. 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 a modified and encompassing tax system even although it is far better than the earlier fragmented dicey tax physique. However, ERP is providing them with the facility to comply with GST and embrace the changes totally. 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 unveil a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.

Chart of Accounts

Businesses earlier used to have 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 your past ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to the new account codes.

Audit

ERP’s tax module will firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. Helps save up enormous time of your company’s accountants and assists them to immensely as soon as the daily transactions of services or goods are titanic.

Error-free Taxation statements filing

Besides supporting all types of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of tax returns. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later tell 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 put into an organised way. So, they can later jump on any time if sought. Being able to get into from a cloud source point, tax accountants perform real-time without needing any manual data.

GST billing

ERP offers the facility to master all particulars about GST regulations in will need to GST component. It enables the companies or taxpayers to agree to GST while issuing invoices for transactions. It configures the format for GST compliant invoices per the business, auto-calculates the GST Registration Portal Login 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 and also so they must know which for the modules will affect and which will correlate to new tax rules.

While smooth transitioning a few GST compliant ERP to get a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their process of GST return filing. With it, as opposed to filing all the returns manually, they need to have to just invest all sales and purchase invoices details and the GST returns gets computed automatically.