GST Sales Tool
GST will launch offline tool on 25th June to upload network data of network businessmen. This tool will be in Excel sheet format. This will help businessmen know what kind of information they need in return. GSTN Chairman Naveen Kumar gave this information. He said that the return form for all types of trade including composition and ecommerce will be available in mid-July.
GSTN Chairman Naveen Kumar told that according to the GST rules, the returns for sale of each month will be filed by the next 10th of the next month. GST is being implemented from July 1. Therefore, businessmen can file the first return by August 10.
He said that all the forms have been made. Now, according to the Council’s decision, minor changes are being made. Transaction details are to be given to traders in Excel Sheet. For example, invoice number is the buyer of goods, its GST identification number, which goods (or service) sold, its cost, how much tax and how much tax is paid.
Naveen Kumar said that this tool is quite easy. Businessmen can ‘save’ them by updating it every day or every week. At the end of the month, this is to be uploaded in the form of returns.
Kumar said that this method is so easy that businessmen will not need GST Facility Provider (GSP). GSPs are especially meant for big companies, which require different types of ERP software.
Data will be uploaded in the last minute, 19000 invoices will be returned.
GSTN Chief said that businessmen should use offline tool for the first two months of the month. This will allow them to keep the details of the invoice. On this tool, data of up to 19,000 invoices can be uploaded at a time. It will take only half a minute. In the beginning, big companies can also use it. If they have one lakh invoices then all the data will be uploaded in five times.
Fuel tax equal to AC, industry can increase by 5%
In the rates set by GST Council, both domestic fans and air conditioners have been placed in the 28% tax category.
Rohit Mathur, chairman of the Organization of Fan Industries, about Rs 6,000 crore, said that the impact on cost will depend on where the manufacturing unit is.
Mathur told that half of the units are in the excise-free zone of Himachal Pradesh, Uttarakhand and North-Eastern states. The tax burden is 20% and in other areas it is 26%. Thus tax impact will be 2 to 8%. This will increase fan prices by 4 to 5 percent.
NIC may be able to get e-bills
GIC can be given the responsibility of making the necessary e-way bill system for Goods Transport in GST.
An official told that the first GSTN was asked for it, but it could take six months.
He said that the tender has been removed to create the system. Private companies can take up to 200 crores.
The officer said that NIC can do it in less expenditure. The last verdict on this could be done at the council meeting on Sunday.
Know answers to some questions
Q. Who will issue tax invoice and when?
– Registered person supplying the taxable item / service will be released. Invoices for Goods will be released before sending it or sending it. Service invoices can be issued upto 30 days after supply.
Q. I go to the shop and go supply. If you go out in the morning, you do not know how much the goods will buy. How can I make invoices in the morning?
– In such a situation, when delivery of goods, you can issue an invoice.
Q. Do all of them have to create similar invoices?
– No. Taxpayers are free to design it. According to invoice rules, some important information should be on it.
Q. In the grocery store, it costs Rs 10-20. Also buy goods. They also have to make a bill?
– The buyer will have to pay bills if needed. If not, then instead of 200 rupees, you can generate a bill throughout the day instead of all transactions. Their purchasers must be unregistered
Q. What is the bill of supply? Who will release?
– The bill that will be created for the tax exempt / service will be called the bill of supply. The registered person will issue it instead of the tax invoice. In this case, the unregistered person is not required to get the bill for supply of less than Rs. 200.
Q. What is the receipt and refund voucher? When will they be used?
– If the registered businessman gets advance payment for any goods / service then he will have to make a receipt voucher instead. If the goods / service is not supplied later, the refund voucher will be made when returning the money.
Q. When will the credit and debit notes be issued?
– The cost that the supplier made tax invoices, later found out that the price is low. Then he will issue a credit note. If later it is found that the price is high then the debit note will be issued. In the same way the buyer will return the goods or the supplier will issue the note even if the quantity of goods goes down.
Q. If you bought goods from an unregistered person / firm?
– Then the registered person will have to make an invoice, on the date on which he got the goods. Tax must also be deposited by him only. Due to reverse charge, it will have to issue a payment voucher as well.
Q. When will the ISD invoice be issued?
– When the input service distributor distributes credit to its different branches, then it will issue the ISST invoice. If a branch has more than it should be, then it will have to issue a credit note.
Q. When will the delivery invoice be issued?
– If the goods are taken anywhere for the job work, then their delivery invoice will be created. Only when the goods will be sent from the supplier’s store, the invoice will be created.
Q. Is it necessary for the small trader to write the product code number (HSN) on the invoice?
– No. Those whose annual turnover is up to Rs 1.5 crores do not need to write HSN code on invoices.