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 a modified and encompassing tax system even though it is far much better than the earlier fragmented dicey tax equipment. However, ERP is supplying 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, technique was known 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 Service Tax Registration in India Online 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 online marketing to brand new account laws.

Audit

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

Error-free Tax returns filing

Besides supporting all forms of GST transactions, ERP’s tax engine support in 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 tell their Chartered Accountant, or tax practitioner.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data as a number of years at one place in an organised way. So, they can later jump on any time if really needed. Being able to get into from a cloud source point, tax accountants could work real-time without making use of any manual data.

GST billing

ERP offers the facility to master all the owner of GST regulations in a separate GST element. It enables the companies 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 that 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 may 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, rather than filing all the returns manually, they need to have to just put in all sales and purchase invoices details and the GST returns gets computed automatically.