GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and exchange bombs. 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 an improved and encompassing tax system even though it is far much better the earlier fragmented dicey tax pc. However, ERP is supplying them with the facility to comply with GST and embrace the changes completely. 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 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 have got 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. As the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to brand new account codes.

Audit

ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the www GST Gov in Login Online India returns. Great deal up enormous time for the company’s accountants and enables them to immensely when the daily transactions of goods or services are huge.

Error-free Taxation statements filing

Besides supporting all regarding GST transactions, ERP’s tax engine help in easy identification and correction of all errors for your painless filing of taxation assessments. 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 chiropractic physician.

Data Archiving & Protection

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

GST billing

ERP can give the facility to master all the owner of GST regulations in an individual GST component. It enables the businesses or taxpayers to abide by GST while issuing invoices for operations. 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 so they must know which of the modules will affect and which will correlate to new tax rules.

While smooth transitioning to a GST compliant ERP to get a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, instead of 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.