GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. 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 although it is far compared to the earlier fragmented dicey tax software program. However, ERP is giving 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, crafted 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 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 their 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 will help firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. This will up enormous time of the company’s accountants and assists them to immensely when the daily transactions of goods or services are tremendous.

Error-free Tax returns filing

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

Data Archiving & Protection

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

GST billing

ERP offers the facility to master all particulars about GST regulations in some other GST component. It enables adidas and puma or taxpayers to agree to GST while issuing invoices for operations. It configures the format for GST compliant invoices depending on 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 and so they must know which in the modules will affect and which will correlate to new tax rules.

While smooth transitioning to a GST compliant ERP in order to be a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST Website India online-enabled ERP software to relieve their process of 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.