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 taxation’s. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though 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 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 in the ERP’s tax module. Following on from the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from today’s to brand new account computer codes.

Audit

ERP’s tax module assistance 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 this company’s accountants and helps them immensely when the daily transactions of goods or services are immense.

Error-free Taxation assessments filing

Besides supporting all connected with GST Registration Online in India transactions, ERP’s tax engine assistance easy identification and correction of all errors for the painless filing of taxation statements. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later tell their Chartered Accountant, or tax chiropractic physician.

Data Archiving & Protection

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

GST billing

ERP provides the facility to master all the owner of GST regulations in other GST component. It enables adidas and puma or taxpayers to comply with GST while issuing invoices for transactions. 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 in the modules will affect and which will correlate to new tax rules.

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