123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Good News For Traders: Gst Return Filing Made Easy, Excel Workbook Launched

Profile Picture
By Author: Mohit Yadev
Total Articles: 74
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

The Goods and Services Tax Network (GSTN) has launched an offline Excel-based format for traders and businesses to upload sales data on the GST portal.
The Excel template, comprising eight worksheets, is part of GSTN’s approach to make tax compliance easy and convenient for taxpayers and also reduce the time of compliance.
As per the GST law, a return of all sales or trade made in a month have to be filed online by the 10th of the following month.
This Excel template can be downloaded from the GST common portal, and can be used by taxpayers to collate all invoice related data on a regular basis.
In the excel sheet, the businesses would have to give details of transaction, like supply invoices issued to registered tax payers, export invoice details, consolidated details of supplies to consumers, credit/debit note details to registered/unregistered taxpayers and details of documents issued.
The data in Excel template will then be used by an offline tool, which GSTN will be releasing on July 15.
The offline tool will be able to import data from the Excel template and generate JSON (Java Script ...
... Object Notation) file which will have to be uploaded on GST portal, a statement said.
“Our objective is to make paying taxes easy and simple. The taxpayer can enter the details of his outward supply in the excel template on weekly basis or any other suitable regular interval,” GSTN chairman Navin Kumar said.
The GST Return 1 Excel template can be used to prepare the GSTR 1 return without connecting to Internet in offline mode.
“This also benefits taxpayers in remote areas where Internet connectivity might not be that good,” Kumar said.
The GST Council has decided to give relaxation to businesses for filing return in the initial two months of GST rollout.
For July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
The Excel template, comprising eight worksheets, is part of GST Network’s approach to make tax compliance easy and convenient for taxpayers and also reduce the time of compliance.
As per the GST law, a return of all sales or trade made in a month have to be filed online by the 10th of the following month.
This Excel template can be 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.
In the excel sheet, the businesses would have to give details of transaction, like supply invoices issued to registered tax payers, export invoice details, consolidated details of supplies to consumers, credit/debit note details to registered/unregistered taxpayers and details of documents issued.
The data in Excel template will then be used by an offline tool, which GSTN will be releasing on July 15.
The offline tool will be able to import data from the Excel template and generate JSON (Java Script Object Notation) file which will have to be uploaded on GST portal, a statement said.
“Our objective is to make paying taxes easy and simple. The taxpayer can enter the details of his outward supply in the excel template on weekly basis or any other suitable regular interval,” GSTN Chairman Navin Kumar said.
The GST Return 1 Excel template can be used to prepare the GSTR 1 return without connecting to Internet in offline mode.
“This also benefits taxpayers in remote areas where Internet connectivity might not be that good,” Kumar said.
The GST Council has decided to give relaxation to businesses for filing return in the initial two months of GST rollout.
For July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier. JD BAL
Know Everything About GST Return India.

Total Views: 339Word Count: 638See All articles From Author

Add Comment

Business Articles

1. How Global Trade Finance Facilitates Cross-border Transactions And Reduces Risk
Author: Riddhi Divan

2. Innovative Uses Of Nickel In Cryogenic And Marine Environments
Author: Online fittings

3. Implementing Predictive Analytics In Your Abm Toolkit
Author: SalesMark Global

4. Comparing The Top 5 Live Commerce Platforms For 2024
Author: Amy Williams

5. Data-driven Precision Marketing For Effective Demand Generation
Author: SalesMark Global

6. Supercharge Your Sales With Optimized Pipeline Velocity
Author: SalesMark Global

7. Best Japan Tour Packages
Author: bharathi

8. Adani Group Stocks Down 20%; Gautam Adani Indicted In Us Over Bribery Charges
Author: Bizzbuzz

9. High-performance Ss Round Bars: Addressing The Energy Sector's Needs
Author: Neelkamal Alloys LLP

10. The Role Of Modern Washroom Solutions In Maintaining Cleanliness
Author: ritika krishna

11. Why Choose Premium Taxi Services In Kochi?
Author: maya

12. Black Magic Astrologer In Kasaragod
Author: Sripandith05

13. The Health Benefits Of Adding Pineapple To Your Pancakes
Author: maya

14. Top Luxury Resorts In Kerala For Your Dream Vacation
Author: maya

15. How To Start Your Shopping Website In Doha: A Simple Guide
Author: maya

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: