ERP – Stable solution for tobacco and vape tax automation
If you are in the tobacco business, you must know your tax liabilities. In the Georgia state of the US, the government has levied sales taxes on tobacco products. Also, the tax liabilities are changing and now you have to pay tax on other tobacco products (OTPs) such as e-cigarettes and vapes. However, despite the innovation of the smoking and vaping business, one thing is certain which is tax complexity. If you are a wholesaler or distributor of OTPs, you might find it challenging to compute taxes. Hence you need a reliable solution like ERP by The GuruWay to fulfill OTP tax compliance in Georgia easily.
Is the ERP system good for tax simplification?
ERP is definitely a good system that can automate sales processes to determine tax liabilities. In Georgia, wholesalers need to collect excise taxes on the supply of OTP to retailers. All the tax collected must be remitted to the Georgia Department of Revenue. Thus, ERP can make Georgia OTP tax reporting easier by providing you with data on a real-time basis for sales and stored tobacco products in the warehouse. You can leverage the automation of this system for sales and excise tax computation and preparing MSA reporting.
Automate warehouse OTP tax calculation
As a licensed wholesaler, you need to report the taxes collected for the supply of OTP to retailers on the 10th of every month. If you own a warehouse then you need to prepare a separate report on inventory along with taxation. Thus, implementing an ERP system can automate the process of inventory tracking for your warehouse tobacco products. Consequently, it makes the process of OTP tax reporting for warehouses in Georgia faster and simpler. You don’t need to follow the manual process for combining the warehouse data since the software store all data and give you complete insights for tax reporting.
Comply with the PACT act
Prevent Cigarette & Alcohol Trafficking (PACT) Act in the US requires you to file an e-tax return for state-to-state and local shipping of OTPs. Therefore, if you ship e-cigarettes or vapes to local or other state retailers, you need to collect taxes and mention them in the MSA reporting. These tax returns must comply with the PACT Act by mentioning the sales figures of vapes. Even if the sale is zero, you should file a nil-tax return. You can prepare Georgia OTP and vape tax reporting with the help of our ERP system to simplify sales tax filing.
Know the tax regulations
Many tobacco companies in Georgia find tax filing challenging because the tax regulations change incessantly. OTP tax reporting experts in Georgia often make new amendments to tax filing and requirements. Hence, it is imperative for you to stay up-to-date with the latest vape taxes to comply with the regulations. However, regardless of the mandates, the ERP system can simplify the computation of taxes to let you file the amount accurately. This enables you to have tax receipt acknowledgment from concerned authorities to claim the eligible refunds.
