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 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 physique. However, ERP is supplying 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, 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 have a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all Goods and Service Tax Application in India Online and services transactions respectively. But, now those codes get combined with GST in the 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 brand new account computer codes.

Audit

ERP’s tax module support firms to calculate their tax returns on the sales and purchases data. It then audits numerous before filing the GST returns. This saves up enormous time for the company’s accountants and enables them immensely when the daily transactions of goods or services are huge.

Error-free Tax statements filing

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

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 hop on any time if really needed. Being able to view from a cloud source point, tax accountants works real-time without having to use any manual data.

GST billing

ERP is providing the facility to master all particulars about GST regulations in will need to GST module. It enables the lenders or taxpayers to adhere to GST while issuing invoices for sales. 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 for the modules will affect and which will correlate to new tax rules.

While smooth transitioning the GST compliant ERP remains to be a costly affair, particularly SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help ease their associated with GST return filing. With it, as opposed to filing all of the returns manually, they need to just invest all sales and purchase invoices details and the GST returns gets computed automatically.