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