A Sample GST Invoice format in excel along with the Stock Item and Customer database..!!

Hey Guys,

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Businessmen  in India are now very much worried about the billing invoice format and database maintenance of the Sale/Supply records as per the requisite GST Act,2017, leaving many of the people in a moment of confusion, in regards to the billing and reporting formats as there are plenty of people coming up with the invoice formats which are not very familiar to the common business people.

Therefore, here I come, with an excel file having the basic invoice format of Tally as applicable for GST including the Customer database and the Invoice information in detail.

Sample file link:
GST Invoice Sample File (Excel)


For further queries on the invoice format and its use please drop a mail on shriram.innani@gmail.com

Regards

SriRam Inani
Tax & Financial Advisor

Introduction to Goods and Services Tax

Type of Laws Applicable to All:

For all the entrepreneurs the Laws applicable are CENTRAL GST (CGST), STATE GST (SGST)/(UTGST) and Integrated GST (IGST).

Turnover Threshold Limit:

Under existing tax regime various indirect tax laws have different threshold limit such as VAT, Service Tax, Excise, etc., now the same has been replaced with Rs. 20 Lacs as threshold limit except Special Category States (as specified in article 279A(4)(g) of constitution) i.e. Rs. 10 Lacs.

Registration:

Under GST regime, there is no concept of Centralized registration even when the assessee is having his place of business in more than one state.

Interstate Transactions:

Subject to VAT law, even though your Turnover is less than the threshold limit interstate transaction were permitted under the existing tax regime without requirement to register for VAT but the same is not permitted under GST.

Reverse Charge Mechanism:

In the following scenarios, goods/service receiver is liable to pay tax under RCM

a.       Registered person procuring goods/services from unregistered person

b.       Specified list of services procured

c.       Import of services

Input Tax Credit (ITC):

Under GST regime ITC can be utilized based on the auto populated credit in your monthly inward return on submission of your supplier’s outward return.

Return:

Under GST regime, every assessee needs to file minimum 3 monthly return/statement and one annual return for each GSTIN number.

a.       Outward supply return (GSTR-1) to be filed on or before 10^th of succeeding month

b.       Inward supply return (GSTR -2) (Auto Populated)

              i.     Inward supply return needs to be submitted after 10^th and before 15^th of succeeding month

                    ii.      Inward supply details needs to be accepted or rejected on or after 15^th day and on or before 17^th day of

                     succeeding month

c.     Final monthly return (GSTR-3) will freeze on 17^th of succeeding month and liability needs to be paid and

        return needs to be filed by 20^th of subsequent month.

d.      Annual return (GSTR-9) needs to be filed on or before 30^th Sept. of succeeding financial year.

Revised Return Option:

Under GST tax regime there is no option to revise your monthly return once it is filed.

Vendor Rating:

Under GST regime, every vendor will be awarded rating based on his compliances and the same is available for public to view and this may act as a basis for scrutiny/audit.

SriRam Inani
Tax & Financial Advisor

Are You GST Ready??

GST is an indirect tax to be levied on supply of goods and services. GST is based on the principle of 'One Nation One Tax'. With such a major tax reform in the history of India which is likely to take effect from 1 July 2017 and which shall change the outlook of present indirect tax regime, are you ready for adopting GST as a part of your business?

Checklist to adopt GST:

1. What are the rates of GST (both CGST & IGST) applicable to my products and services?

2. Which of the current indirect taxes such as excise duty, VAT, CST, Service Tax etc., will cease to be applicable on introduction of GST?

3. What tax credits would I be able to claim against my GST liability?

4. What is CGST, IGST and SGST and is there a seamless credit available across these taxes and boundaries of the state?

5. What is the last date for registration and migration of existing registration under the GST law?

6. What will happen to my credit balances and refunds against the present indirect tax laws such as CENVAT credit, VAT refunds?

7. Is there any reverse charge applicable for my input goods and services and import?

8. Will the branch tansfers continue to be exempt?

9. Will there be any additional input cost due to vendors charging a higher GST rate? Will I be able to claim set off of the additional taxes?

10. Do I have to file a single tax return or there are multiple tax returns? If there are many then, How Many & When?

11. Do I need to rework my prices and costs? Do I need to rework my customer and vendor contract to ensure recovery of GST and grant/receipt of input credit?

12. Are there any credits for which I need to claim refunds from the government and if so, what is the time line and certainty of refund?

13. What is the GST treatment of my e-commerce business?

14. Do I need to upgrade my ERP systems or the accounting packages or will the same satisfy the need?

Following taxes shall not be subsumed in GST:
1. Alcoholic Liquor for Human Consumption - The same shall be exclusively taxed by States.

2. Tax on Petroleum Crude/High Speed Diesel/ Motor Spirit/Natural Gas/Aviation Turbine Fuel-The states would continue as per current laws to impose VAT on within state sales while inter-state sales would continue to attract CST. Also, Excise duty will continue on petroleum products. The said Petroleum products shall be subject to GST at a future date as per the recommendation of GST Council.

3. Stamp duties - Stamp duty will continue to be levied by the States.

4. Taxes by Local Bodies - Taxes levied by local bodies.

5. Basic Custom Duties (BCD) - Duty imposed at the time of export.

Further issues of GST shall be addressed soon!!

SriRam Inani
Tax & Financial Advisor