Skip to main content

Invoice uploading opens on GSTN

The GST Network (GSTN), the entity responsible for the information technology backbone of the goods and services tax (GST), opened its system on Monday for invoice uploading.
It is not mandatory to start the uploading but “it´s live”, said Prakash Kumar, chief executive officer (CEO) of GSTN.
This was earlier permitted but only foraselect few such as Suvidha providers, tax consultants and some officials.
Kumar said invoices could be uploaded through Suvidha providers or by assessees themselves.
For this purpose, GSTN had launched an Excel template on June 30, beside offline tools.
Archit Gupta, CEO of ClearTax, one of the Suvidha providers, said taxpayers might find it difficult to locate the page where invoices have to be uploaded.
“We also observed that only JSON files are supported.
Businesses maintaining Excel sheets for invoices need to convert these to JSON format,” he said.
Praveen Khandelwal, secretary general of the Confederation of All India Traders (CAIT), says it will takeacouple of days for traderstounderstand the format.
CAIT members did not know of the development and were apprised through WhatsApp, he said.
To give time for assessees, the GST Council has allowed them to file datewise sale returns for July by August 20 and invoicebased returns by September 5. Assessees may upload their invoices till then.
Saloni Roy of consultancy Deloitte said, “Not many taxpayers attempted uploading invoices on Monday.
They are still in the wait and watch mode till the portal becomes smoothly functional.”
The Business Standard, New Delhi, 25th July 2017


Popular posts from this blog

At 18%, GST Rate to be Less Taxing for Most Goods

About 70% of all goods and some consumer durables likely to cost less

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%.

India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

For instance, if an item comes within the 12% excise slab but the effective tax is 8% due to abatement, then the latter will be considered for GST fitment.

Going by this formulation, about 70% of all goods could fall in the 18% bracket.

The GST Council has finalised a four-tier tax structure of 5%, 12%, 18% and 28% but has left room for the highest slab to be pegged at 40%. A committee of officials will work out the fitment and the council…

Coffee-Toffee, the GST Debate Continues

Hundreds of crores of rupees in the form of taxes ride on the exact categorisation of products Is Parachute hair oil or edible oil? Is KitKat a chocolate or a biscuit? Is a Vicks tablet medicament or confectionery? For the taxpayer and the tax collector, this is much more than an exercise in semantics -hundreds of crores of rupees ride on the exact categorisation.
As the government moves closer to rolling out the goods and services tax (GST) on July 1, many such distinctions are being debated so that no ambiguity remains. Not just that, the government is revisiting old tax cases that were lost over product categorisation, according to people with knowledge of the matter, presumably with a view to making sure that revenue collections can be maximised. “In the past, several tax officers had challenged some of the product categorisations, including those in the retail segment, but lost out in court or at appellate level,“ said one of the persons. “Now we have a chance to go ahead with speci…

Deposit gush:-CA Institute Bats for Special Audit