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 taxes. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far better than 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, was in fact 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 buy 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 the current to brand new account writes.

Audit

ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. Could help prevent up enormous time of this company’s accountants and helps them immensely once the daily transactions of services or goods are huge.

Error-free Taxation statements filing

Besides supporting all varieties of GST transactions, ERP’s tax engine assistance easy identification and correction of all errors for the painless filing of tax returns. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give away to 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 hop on any time if sought. Being able to get into from a cloud source point, tax accountants can work real-time without having to use any manual data.

GST billing

ERP is providing the facility to master all any personal GST regulations in an individual GST Website India online unit. It enables the businesses or taxpayers to take into accout 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 the companies. Their existing system needs major revamping and also so they must know which on the modules will affect and which will correlate to new tax rules.

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