GST FORMAT EXCEL
After the implementation of GST tax in India from July 2017, every business need to pay the Goods & Service Tax (GST) an equitable and comprehensive system of taxation that minimizes evasion and ensures a broader revenue stream. For the payment of GST, proper record keeping is necessary for accurate tax declarations. Using accounting software helps greatly in record keeping. Hence implementing a best GST accounting software– Reach Accounting software will help a business to track and maintain proper and accurate financial information.
Features of Reach GST accounting software:
Reach GST accounting software ensure the right to audit your business effectively with accuracy. In Reach GST accounting software you can not only manage your accounting and auditing but all relevant actions like:
- GST Invoicing
- Accounting
- Inventory Management
- Sales Team Management
- Point of Sale and Barcoding
- GST Tax Return Preparation
- GST Monthly, Quarterly and Annual Filing
GST FORMAT EXCEL-GST Sales Invoice/Bill
The invoice which are issued by the assesse to their purchaser. Generally in these bills there are already pre-printed company name and their GSTIN No. in these invoices there are an invoice bill no. that should be in a sequence. These invoice no. can be in any format as per the wish of the assessee. There should be date of sales on which invoice will be issue. Then there will be details of seller and the commodity details amount of sales and tax amount
GST Sales Bill Generating Guidelines
Mandatory Fields Must be in Your GST Sales Invoice
All the fields must be properly filled with correct entries. Some of the mandatory fields are Invoice number and date, Customer name, Shipping and billing address, Customer and taxpayer’s GSTIN, Place of supply, HSN code. All the fields are important for the future references and should be taken note of while generating the invoice.
Invoice Date and Due Date should be Properly Entered
It is suggested, not to make mistakes while filling invoice date and due dates as the difference is that the invoice date is preparation date of the invoice while the due date is concerned with the payment of the invoice due. So, be aware of the difference between both the dates and take precaution.
Maintain the Invoice Serial Number
It is mandatory to maintain the invoice serial number as for the future reference in case a taxpayer wishes to change the invoice format, he can inform the tax department along with the invoice serial number.
GST FORMAT EXCEL- GST Purchase Bill or Invoice
These invoices are issued to assesse from their purchases. These invoice’s are issued on the purchases. In these bills name of purchaser and GSTIN of the purchaser should be there so that the assesse can get there cenvat credit. In GST when the seller uploads his sales register (GSTR-1) the credit in account of purchaser will come automatically. There are various difference between invoice date and due date as the major change is that the invoice date implies to the date when the invoice is generated on the bill book, while the due date is termed when the payment is due against the invoice.
While in various cases the invoice serial number is also said to be important for the maintenance for some strict reasons. Just as an example, if an invoice with serial number INV010 is issued, the format of the same must be maintained
GST Purchase Bill Generating Guidelines
Mandatory Fields Must be in Your GST Purchase Invoice
The fields must be accurately filled up with exact entries. Some of the important fields are Invoice number and date, Customer name, Shipping and billing address, Customer and taxpayer’s GSTIN, Place of supply, HSN code. All the fields are very significant for the future purpose and should be taken into consideration while generating the invoice.
Invoice Date and Due Date should be Properly Entered
It is directed that while filling invoice date and due dates is important be cautious as the difference is that the invoice date is preparation date of the invoice while the due date is concerned with the payment of the invoice due. So, be alert in case of entering GST due date and invoice date.
Maintain the Invoice Serial Number
It is very important to maintain the invoice serial number as for the future purpose as in case a taxpayer wishes to change the invoice format, he can notify it to the tax department along with the invoice serial number.
PRINTING OF INVOICES
A bill or an invoice can be prepared in handwriting but should contain the following details:
- Name of buyer
- GSTN of buyer
- GSTN of seller
- Address of supply, buyer and seller
- Product description with HSN code
- Quantity
- Rate
- Tax rate and tax charged for each product
A hand written or pre-printed bill is allowed under GST.
CALCULATING GST
Tax Calculation under GST
The table below shows the difference in the amount of payment of tax and the advantage of input credit available to manufacturer/dealer:
| PARTICULARS | VALUE AND TAX AMOUNT UNDER CURRENT LAWS | VALUE AND TAX AMOUNT UNDER
GST LAW. |
| Value to manufacturer | ||
| Production cost | 100000 | 100000 |
| Add Profit Margin @10% | 10000 | 10000 |
| Add excise duty @12% | 13200 | |
| Total cost of production | 123200 | 110000 |
| Add VAT @12.5% | 15400 | |
| Add SGST @6% | 6600 | |
| Add CGST @6% | 6600 | |
| Invoice value for manufacturer | 138600 | 123200 |
| Value to wholesaler | ||
| Cost of goods | 138600 | 123200 |
| Add profit margin @10% | 13860 | 12320 |
| Total Value | 152460 | 135520 |
| Add VAT @12.5% | 19058 | |
| Add SGST @6% | 8131 | |
| Add CGST @6% | 8131 | |
| Invoice value to wholesaler | 171518 | 151782 |
| Value to Retailer | ||
| Cost of goods | 171518 | 151782 |
| Add Profit margin @10% | 17152 | 15178 |
| Total Value | 188670 | 166960 |
| Add VAT @12.5% | 23584 | |
| Add SGST @6% | 10018 | |
| Add CGST @6% | 10018 | |
| Invoice value to retailer | 212254 | 186996 |
*GST rates has been assumed at 12% which is equally shared by Central and State government for the purpose of this example.
Input tax credit(ITC) was available under VAT laws to the wholesaler for the VAT paid(15400) and to the retailer for the tax paid to the wholesaler (19058). CGST and SGST paid by the wholesaler to the manufacturer can be claimed as ITC under GST. The retailer can also claim the ITC for the tax paid to the wholesaler under GST. The availability of the total tax paid available as ITC under GST would benefit the retailer and wholesaler as compared to partial ITC available under previous laws.
Assessment
There are three crucial changes to be noted from the above table –
- Subsuming of Excise duty:
Excise is charged on capital goods which are used by the manufacturer during production. Under GST, excise on capital goods would be subsumed, as there will be just a single rate of tax for each type of goods. Removal of excise should bring relief to end consumer.
- Reduction in costs:
Due to the subsuming of VAT, Service tax, Excise, there will be a reduction in cost for manufacturers/wholesalers/retailers. As seen in the above table, there is a reduction in cost from Rs 171518 to Rs 151782 under GST. GST would help in further reduction of total cost to the manufacturer as procurement cost would reduce due to better logistics.
- Reduction in input tax credit:
There will be a reduction in input tax credit for the wholesaler/retailer under the GST law. The amount of input tax credit reduced is merely an effect of the reduction in cost under GST.
Tax Calculation for Inter-state Sales
A new concept of IGST has been introduced under the GST law. Earlier CST was charged over and above VAT and the excise duty for movement of goods between two states, whereas IGST will be a single tax levied on the goods moving across state borders. Let us understand IGST with the help of this example:
Table 2
| PARTICULARS | UNDER CURRENT TAX LAWS | UNDER GST |
| Value to Retailer | ||
| Cost of goods | 100000 | 100000 |
| Add VAT @12.5% | 12500 | |
| Add IGST @12% | 12000 | |
| Add CST @2% | 2250 | |
| Total Value to retailer | 114500 | 112000 |
*IGST rate has been assumed at 12% for the purpose of this example.
FILING RETURNS
What is a GST Return?
In a GST return the tax payer will give details of-
- Purchases
- Sales
- Output GST (on sales)
- Input tax credit (GST paid on purchases
Under the GST, a normal taxpayer will be required to furnish three returns monthly and one annual return. This amounts to 37 returns in a year!
But the beauty of the entire system is that one has to manually enter details of 1 return every month- GSTR-1. The other returns will automatically derive information from the GSTR-1.
Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).
GST Returns
A normal business will have to file only the following-
- GSTR-1
- GSTR-2
- GSTR-3
- GSTR-3B (For Jul & Aug 2017 only)
A composition dealer will enjoy the benefits of lesser returns & compliances along with payment of taxes at nominal rates. A composition dealer will file only 2 returns-
- GSTR-4
- GSTR-9A
Return filing for July & August 2017
GSTR 3B is a simple return that businesses need to file in the first two months of GST (July and August, 2017) instead of the normal returns. The government has postponed the filing of GSTR 1,2 & 3 for July and August, 2017 in order to give businesses some time to adjust to GST.
- There is no buyer-seller reconciliation for July & August.
- Also, there is no late fee or penalty levied for the months of July and August in the case of delayed return filing.
| Forms | For July 2017 | For August 2017 |
| GSTR-3B | 20th August | 20th September |
| GSTR-1 | 1st-5th September | 16th-20th September |
| GSTR-2 | 6th-10th September | 21st– 25th September |
| GSTR-3 | 11th– 15thSeptember | 26th– 30thSeptember |
All Returns under GST
This is a list of all the returns which are required to be filed under the GST Law.
Note: All the returns do not apply to every tax payer. Please click the relevant return to know more about it.
| Return Form | Details | By Whom? | By When? |
| GSTR-1 | Details of sales of taxable goods and/or services | Registered Taxable Supplier/Seller | 10th of the next month |
| GSTR-2 | Details of purchases of taxable goods and/or services claiming input tax credit. | Registered Taxable Recipient/Buyer | 15th of the next month |
| GSTR-3 | Monthly summary return based on GSTR-1 & GSTR-2 with a summary of monthly sales and purchases along with the payment of amount of tax. | Registered Taxable Person | 20th of the next month |
| GSTR-4 | Quarterly return for compounding taxable person. | Composition Supplier | 18th of the month succeeding quarter |
| GSTR-5 | Return for Non-Resident foreign taxable person | Non-Resident Taxable Person | 20th of the next month |
| GSTR-6 | Return for Input Service Distributor | Input Service Distributor | 13th of the next month |
| GSTR-7 | Return for authorities deducting tax at source. | Tax Deductor | 10th of the next month |
| GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected | E-commerce Operator/Tax Collector | 10th of the next month |
| GSTR-9 | Annual Return | Registered Taxable Person | 31st December of next financial year |
| GSTR-10 | Final Return | Taxable person whose registration has been surrendered or cancelled. | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN | Person having UIN and claiming refund | 28th of the month following the month for which statement is filed |
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