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 return. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even although it is far better than the earlier fragmented dicey tax pc. However, ERP is giving 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 eat 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 online marketing to the new account laws.

Audit

ERP’s tax module will firms to calculate their tax returns on product sales and purchases data. It then audits quantity of before filing the GST returns. Great deal up enormous time with the company’s accountants and assists them to immensely once the daily transactions of goods or services are outstanding.

Error-free Tax returns filing

Besides supporting all forms of GST transactions, ERP’s tax engine help out with easy identification and correction of all errors for your painless filing of taxation assessments. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later have for their Chartered Accountant, or tax expert.

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

GST billing

ERP can give the facility to master all particulars about GST regulations in an individual GST component. It enables adidas and puma or taxpayers to abide by GST while issuing invoices for purchases. It configures the format for GST compliant invoices as per 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 for the modules will affect and which will correlate to new tax rules.

While smooth transitioning a few GST compliant ERP in order to be a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST Application Online in India-enabled ERP software to cure their process of GST return filing. With it, instead of filing all of the returns manually, they need to just devote all sales and purchase invoices details and the GST returns gets computed automatically.