GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and promote. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new tax return. They are facing several transitional issues in acknowledging such an altered and encompassing tax system even although it is far much better than the earlier fragmented dicey tax equipment. However, ERP is providing them with the facility to comply with www GST Gov in Login Online India 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, 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 inside 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 the new account laws.

Audit

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

Error-free Tax returns filing

Besides supporting all varieties of GST transactions, ERP’s tax engine support in easy identification and correction of all errors for your painless filing of tax 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 expert.

Data Archiving & Protection

Businesses can save, archive and safekeep their tax data to find a number of years at one put into an organised way. So, they can later can get on any time if needed. Being able in order to access from a cloud source point, tax accountants can figure real-time without needing any manual data.

GST billing

ERP can give the facility to master all particulars about GST regulations in an individual GST module. It enables the businesses or taxpayers to adhere to GST while issuing invoices for sales. 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 so they must know which of the modules will affect and which will correlate to new tax rules.

While smooth transitioning the GST compliant ERP is still a costly affair, particularly for SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, as an alternative to filing all the returns manually, they will need just invest all sales and purchase invoices details and the GST returns gets computed automatically.