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 altered and encompassing tax system even though it is far compared to the earlier fragmented dicey tax system. 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 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 Tax Registration in India Online and services transactions respectively. But, now those codes get combined with GST your past ERP’s tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from the current to the account laws.

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. Could help prevent up enormous time for the company’s accountants and enables them immensely as soon as the daily transactions of services or goods are outstanding.

Error-free Tax returns filing

Besides supporting all forms of GST transactions, ERP’s tax engine help easy identification and correction of all errors for your painless filing of tax returns. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later share with 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 submit an organised way. So, they can later can get on any time if requested. Being able to look for from a cloud source point, tax accountants can work real-time without making use of any manual data.

GST billing

ERP can give the facility to master all the specifics of GST regulations in will need to GST unit. It enables adidas and puma or taxpayers to agree to GST while issuing invoices for operations. It configures the format for GST compliant invoices 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 so they must know which of this modules will affect and which will correlate to new tax rules.

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