GST Registration Portal Login 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 tax. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even although it is far much better the earlier fragmented dicey tax physique. 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, and so 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 provide 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 online marketing to the actual account laws.
ERP’s tax module assist firms to calculate their tax returns on the sales and purchases data. After that it audits the amount before filing the GST returns. This will up enormous time of your company’s accountants and enables them immensely once the daily transactions of services or goods are tremendous.
Error-free Taxes filing
Besides supporting all connected with GST transactions, ERP’s tax engine help 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 tell 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 place in an organised way. So, they can later jump on any time if needed. Being able to look for from a cloud source point, tax accountants can figure real-time without needing any manual data.
ERP provides the facility to master all the owner of GST regulations in will need to GST component. It enables nokia’s or taxpayers to take into accout 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 so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP to get a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to ease their process of GST return filing. With it, instead of filing all the returns manually, they will need just put in all sales and purchase invoices details and the GST returns gets computed automatically.