GSTN unveils excel template ; Offline Tool to be unveiled on July 17, 2017
GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal; Excel template together with an offline tool will make uploading large numbers of invoices much easier and quick; Offline Tool to be unveiled on July 17, 2017.
Goods and Services Network (GSTN) has unveiled a simple excel based template that will facilitate the taxpayers in preparing and filing their monthly returns with maximum ease and minimal cost.
The excel template is a part of GST Council’s approach to make tax compliance highly easy and convenient for taxpayers and also reduce the time of compliance to improve ease of doing business. This excel workbook template can be freely downloaded from the GST Common portal (www.gst.gov.in), and can be used by taxpayers to collate all invoice related data on a regular basis.
The Excel format can be used by businesses to start maintaining their data. The taxpayer can prepare the details of his outward supply on weekly or any other suitable regular interval which can then be uploaded on GST portal on or before the 10th of subsequent month. The GSTR1 excel template workbook can be used to prepare the data for GSTR 1 return without connecting to internet in offline mode. This also benefits taxpayers in remote areas where Internet connectivity might not be good.
The template comprises of eight worksheets. Summary of key values in each worksheet has been provided at the top to help taxpayers easily reconcile the data entered in the worksheets with that recorded in his accounting system/books to accurately prepare the return. Based on data entered in the Excel sheet, offline tool will prepare a file which will have to be uploaded by the taxpayer on GST Portal to create GSTR-1. Only while uploading the file on the GST portal, Internet connectivity will be required.
The excel template is a part of GST Council’s approach to make tax compliance highly easy and convenient for taxpayers and also reduce the time of compliance to improve ease of doing business. This excel workbook template can be freely downloaded from the GST Common portal (www.gst.gov.in), and can be used by taxpayers to collate all invoice related data on a regular basis.
The Excel format can be used by businesses to start maintaining their data. The taxpayer can prepare the details of his outward supply on weekly or any other suitable regular interval which can then be uploaded on GST portal on or before the 10th of subsequent month. The GSTR1 excel template workbook can be used to prepare the data for GSTR 1 return without connecting to internet in offline mode. This also benefits taxpayers in remote areas where Internet connectivity might not be good.
The template comprises of eight worksheets. Summary of key values in each worksheet has been provided at the top to help taxpayers easily reconcile the data entered in the worksheets with that recorded in his accounting system/books to accurately prepare the return. Based on data entered in the Excel sheet, offline tool will prepare a file which will have to be uploaded by the taxpayer on GST Portal to create GSTR-1. Only while uploading the file on the GST portal, Internet connectivity will be required.
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The Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST).
The Revenue Secretary, Government of India, Dr. Hasmukh Adhia through a series of tweets from his twitter handle @adhia03 has busted today certain common misconceptions/ myths about GST.
These myths relating to GST and Reality of each one is given below.
Myth 1: Do I need to generate all invoices on computer/ internet only.
Reality 1: Invoices can be generated manually also.
Myth 2: I need internet all the time to do business under GST.
Reality 2: Internet would be needed only while filing monthly return of GST.
Myth 3: I have provisional ID but waiting for final ID to do business.
Reality 3: Provisional ID will be your final GSTIN number. So start business.
Myth 4: My item of trade was earlier exempt so I will need new registration before starting business now.
Reality 4: You can continue doing business and get registered within 30 days.
Myth 5: There are 3 returns per month to be filed.
Reality 5: There is only 1 return with 3 parts, out of which first part is to be filed by dealer
and two other parts would be auto populated by computer.
Myth 6: Even small dealers will have to file invoice wise details in the return.
Reality 6: Those in retail business (B2C) need to file only summary of total sales.
Myth 7: New GST rate is higher compared to earlier VAT.
Reality 7: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.
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These myths relating to GST and Reality of each one is given below.
Myth 1: Do I need to generate all invoices on computer/ internet only.
Reality 1: Invoices can be generated manually also.
Myth 2: I need internet all the time to do business under GST.
Reality 2: Internet would be needed only while filing monthly return of GST.
Myth 3: I have provisional ID but waiting for final ID to do business.
Reality 3: Provisional ID will be your final GSTIN number. So start business.
Myth 4: My item of trade was earlier exempt so I will need new registration before starting business now.
Reality 4: You can continue doing business and get registered within 30 days.
Myth 5: There are 3 returns per month to be filed.
Reality 5: There is only 1 return with 3 parts, out of which first part is to be filed by dealer
and two other parts would be auto populated by computer.
Myth 6: Even small dealers will have to file invoice wise details in the return.
Reality 6: Those in retail business (B2C) need to file only summary of total sales.
Myth 7: New GST rate is higher compared to earlier VAT.
Reality 7: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.
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2nd Day after roll-out of GST passed without any major problems; Dhabas and big Restaurants as well as from Kirana shops to Departmental Stores have started getting acclimatized to the new tax system;.
Since 25th June, 2017, 2.23 lakh new dealers have entered the GSTN system by filing draft applications of which 63,000 have also submitted full details, of which 32,000 dealers granted fresh registrations also;. Revenue Secretary, Dr. Hasmukh Adhia appeals to people not to circulate any unverified messages through social media.
Second Day after the roll-out of Goods and Services Tax (GST) with effect from 1st July, 2017 has passed without any major problems being reported from the field. The Central and the State Governments’ officers are trying their best to provide the required and the correct information to the trade and industry. Revenue Department, Govt. of India has got encouraging reports from the roadside Dhabas and big Restaurants as well as from Kirana shops to Departmental Stores which, in turn, have started getting acclimatized to the new tax system.
Since 25th June, 2017, 2.23 lakh new dealers have entered the GSTN system by filing draft applications of which 63000 have also submitted full details, of which 32000 dealers have been granted fresh registrations also.
The Revenue Secretary, Government of India, Dr. Hasmukh Adhia has appealed to people not to circulate any unverified messages through social media.
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