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GST: GSTN portal begins invoice uploading for businesses

GST: GSTN portal begins invoice uploading for businesses


The GSTN portal has started accepting uploading of sale and purchase invoices of businesses generated post Goods and Services Tax rollout on July 1.

GST Network (GSTN) is the company handling the IT backbone for the new tax regime.

The uploaded invoice data can be saved at the portal and the GST system operated by GSTN will auto populate the invoice data of the respective buyers, the company said in a statement.

The GST kicked in from July 1 and so far, the Goods and Services network has been facilitating registration of businesses.

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“If the taxpayer has limited number of invoices, he can directly enter the details at the GST portal. However, this would not be practicable if the number of invoices is in hundreds or thousands,” it said.

It added that to help such taxpayers, GSTN has developed a tool which can be downloaded from the portal and installed on the taxpayer’s computer to prepare the return in GSTR-1 format at one’s ease in an offline mode without connecting to the Internet.

“The GSTR-1 software and the offline java tool have been elaborately tested. The portal has started accepting invoice uploads into GSTR-1 from July 24. Now taxpayers can prepare GSTR-1 at their convenience on their own computer and upload the data to the Portal easily within a matter of minutes using the offline tool,” Navin Kumar, Chairman, GSTN said.

He said businesses, particularly MSMEs and larger businesses that generate a large number of invoices should to start uploading invoice data to portal straight away and not wait until September when the July return will be due.

The company has stated that the invoice upload facility is available 24×7.

“It has advised that the taxpayers, such as large manufacturers, distributors and wholesalers, should frequently upload their supply invoice details at regular interval to prevent any hiccups near the due date,” it added.

Generating invoices for dealings above Rs 200 and keeping invoice records in serial number even if maintained manually, are pre-requisites for claiming input tax credit under the GST regime.

Under GST, which is a single tax in place of multiple central and state levies like excise, service tax and VAT, businesses are required to upload on GSTN portal invoices of their trade every month.

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Source: ET

Companies should work on sale strategy, develop IT backbone for GST rollout: Experts

Companies should work on sale strategy, develop IT backbone for GST rollout: Experts

Experts said services sector companies will find it more difficult to meet the July 1 deadline if they have not started preparations early.

GST Experts

With GST supporting legislations getting Parliament nod, companies will have to rework their sale strategies and also work overtime to put technology backbone in place by July 1, experts said on Thursday. The revenue department has already made public the set of rules required to be followed by the industry in the Goods and Services Tax (GST) regime and companies will have to ensure that the supply chain ecosystem is in place to avail input tax credit, they said. “BMR & Associates Partner Mahesh Jaisingh said: “In addition to IT system, the companies need to be cognizant about their September quarter sales and strategise it accordingly”. Jaisingh further said the companies will now have to undertake near-term strategy and planning keeping the rollout date in mind and larger tax planning can take a backseat for the moment.

Experts said services sector companies will find it more difficult to meet the July 1 deadline if they have not started preparations early. Nangia & Co Director (Indirect Taxation) Rajat Mohan said the companies will now have to move fast and focus on business process changes and developing the information technology backbone by either hiring consultants or on their own.

According to Manufacturers Association For Information Technology (MAIT), the two critical issues that the industry foresee right now relate to tax applicability on the existing stocks on the day of migration as they would be VAT paid already and treatment of tax and refund on services provided under contracts. “We hope that the government will address the issue so that they do not create hurdles to the smooth rollout of GST,” MAIT said.

GST, which will subsume central excise, service tax, VAT and other local levies, will ensure better indirect tax compliance and is expected to boost GDP growth by up to 2 per cent. Nitya TaxAssociates Managing Partner Puneet Bansal said the passage of the GST bills provides certainty to industry to undertake GST migration. “The only missing link for India Inc is ability to assess the financial impact of GST on their business and pricing of goods and services due to lack of clarity on GST rates,” Bansal said.

Parliament on Thursday passed Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and the Compensation to states laws. Now all the states will have to pass the State GST (SGST) bill in their respective state assemblies. PwC Partner and Leader (Indirect Tax) Pratik Jain said: “Focus now shifts to finalisation of Rules and rates. Lot of things to do and very little time left for the industry”.

The GST Council, headed by Union Finance Minister Arun Jaitley and comprising representatives from the states, has already decided on a 4-tier rate structure — 5, 12, 18 and 28 per cent. On top of the peak rate of 28 per cent will be a cess that would be levied on demerit and sin goods. The GST bill has, however, capped the highest tax rate at 40 per cent to obviate the need to approach Parliament for any tax rate change in future.

Source :  Indian Express