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GSTN portal to be ready for invoice upload from July 24

GSTN portal to be ready for invoice upload from July 24
Businesses can start uploading their sale and purchase invoices generated post July 1 on the GSTN portal from July 24, a top company official said on Sunday.

The Goods and Services Tax has kicked in from July 1 and so far, the GST Network, the company handling the IT backbone for new tax regime, has been facilitating registration of businesses.
"We plan to launch the invoice upload utility on the portal on July 24 so that businesses can come forward and start uploading the invoices on a daily or weekly basis to avoid month-end rush," GSTN Chairman Navin Kumar said.
Generating invoices for dealings above Rs 200 and keeping invoice records in serial number even if maintained manually, are pre-requisites for claiming input tax credit under the GST regime.
The GSTN had last month launched an offline Excel format for businesses to keep their invoice records and from July 24 this Excel sheet can be uploaded on the portal.
Kumar said GSTN would put up a video on its portal to assist businesses in uploading invoices.
Besides, a call centre help desk has been set up to assist taxpayers regarding any query they might have about the new tax regime.
"We have been reaching out to trade and industry associations telling them that those who have about 10,000 invoices a day, they should upload it on GSTN portal on a daily/weekly basis to avoid last moment rush," Kumar said. So far, over 69 lakh excise, VAT and Service Tax assessees have migrated to the GSTN portal and nearly five lakh new registrations have happened under GST. Under GST, which is a single tax in place of multiple central and state levies like excise, service tax and VAT, businesses are required to upload on GSTN portal invoices of their trade every month. Kumar had earlier said that the offline Excel tool can upload 19,000 invoices data on GSTN portal at one go and the process takes just half a minute.
So, if businesses which generate about 10,000 invoices a day upload the data on a daily or weekly basis, it would be less cumbersome for them. While uploading invoice on the GSTN portal, a business would need to mention the invoice number and date, customer name, shipping and billing address, customer and taxpayer's GSTIN, place of supply and HSN code.
Also, the taxable value and discounts and rates of CGST, SGST and IGST would have to be filled, along with item wise details like description, quantity and price.
As per the government website on GST, "Goods and Services Tax" Network (GSTN) is a nonprofit organisation proposed to be formed for creating a website / platform for all the concerned parties related to the GST, namely stakeholders, government and taxpayers to collaborate on a single portal.
The portal is supposed to be accessible to the central government which allows it to track down every transaction on its end while taxpayers are advertised to have the ability of connecting this to their tax returns.
The known authorised capital of GSTN is Rs 10 crore (US$1.6 million) in which Central Government holds 24.5 percent of shares while the state government holds 24.5 percent and rest with private banking firms for smooth running of the transactions.
Agencies

Agencies

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