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.
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.
Besides, a call centre help desk has been set up to assist taxpayers regarding any query they might have about the new tax regime.
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.
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 taxpayers 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.