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 an improved and encompassing tax system even though it is far better than 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 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 Registration Portal Login in the ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to fresh account limitations.

Audit

ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. It then audits the amount before filing the GST returns. Great deal up enormous time of your company’s accountants and enables them immensely when the daily transactions of services or goods are outstanding.

Error-free Taxation assessments filing

Besides supporting all regarding GST transactions, ERP’s tax engine help 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 their Chartered Accountant, or tax doctor.

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 requested. Being able in order to access from a cloud source point, tax accountants could work real-time without needing any manual data.

GST billing

ERP is providing the facility to master all the owner of GST regulations in will need to GST module. It enables the businesses or taxpayers to take into accout GST while issuing invoices for negotiations. 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 on the modules will affect and which will correlate to new tax rules.

While smooth transitioning a few GST compliant ERP remains to be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to relieve their associated with GST return filing. With it, as an alternative to filing all the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.