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 place a burden on. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far compared to the earlier fragmented dicey tax pc. 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 Registration in India 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 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 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 current to the actual account limitations.

Audit

ERP’s tax module assist firms to calculate their tax returns on product sales and purchases data. After that it audits numerous before filing the GST returns. Helps save up enormous time of your company’s accountants and enables them to immensely when the daily transactions of services or goods are tremendous.

Error-free Taxation statements filing

Besides supporting all varieties of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for the painless filing of taxation statements. 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 practitioner.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data to find a number of years at one placed into an organised way. So, they can later access any time if requested. Being able to get into from a cloud source point, tax accountants can figure real-time without making use of any manual data.

GST billing

ERP is providing the facility to master all the owner of GST regulations in an individual GST component. It enables adidas and puma or taxpayers to abide by GST while issuing invoices for transactions. It configures the format for GST compliant invoices according to 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 to a GST compliant ERP remains to be a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve 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.