Now the business entities can upload their daily invoice details or account statement including sale and purchase of goods and services at the portal, as GSTN portal has started uploading invoice details.
GST Network is the Information Technology(IT) enabled platform which is owned by the Government and privately owned firms for the smooth transition of the new indirect tax regime. Here, tax experts can solve user queries or problems related to the new regime.
The company said in a statement that, users can save uploaded invoice details at the network and the whole GST system has functioned by the GSTN will automatically update the invoice data of the respective buyers. The Goods and Service Tax (GST) Regime came into effect on 1st July and the network also provides the registration facility to business.
Read Also: View the GST Sales Bill and Its Proper Format for Taxpayers of India
As per the GSTN statement said, “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.”
For the ease of taxpayers or business entities, an offline tool has formulated by the GSTN platform. Taxpayers or business entities can download the tool from the portal and then install in their personal desktop to set up the return in GSTR-1 format. They can use an offline tool without the internet connection.
In the views of Chairman of GSTN, Navin Kumar said, “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.”
He also said that specifically larger businesses and MSMEs which render a large number of invoices in a day in their businesses must start uploading invoice details at portal right now and not wait for the September when the returns of the month of July will file.
Invoice upload facility is open for 24 hours and 7 days stated by the GSTN company in a statement. By adding that, “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.” While in the case of invoicing of above INR 200 can seek for input tax credit in the GST.
Several state taxes such as Value Added Tax (VAT) and excise duty levied by the Central and the State Government have been subsumed under the new indirect tax regime. It is compulsory that business entities are required to upload their daily invoice details of trade every month at GSTN portal.
