Skip to main content

Invoice uploading opens on GSTN

By

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

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more