New Delhi, July 3 (KNN) The Goods and Services tax was rolled out on July 1 with various concerns around the compliance of the new taxation scheme. One of the prime concerns being the data entry and uploading of invoices on the GST portal. Addressing this concern the Goods and Services Network (GSTN) recently introduced the ‘MS-Excel based template’.

The Excel format is expected to facilitate and ease the complication in preparing and filing the monthly returns. It also aims to reduce the cost which the traders might have to incur otherwise. The initiative by the GSTN is a part of the GST Council’s approach to make tax compliance easy and convenient for taxpayers. It will also help reduce the time taken for compliance adding to the overall ease of doing business.

The Excel based format will help businesses maintain the data. The taxpayers can prepare the details of the outward supply periodically offline. This can later be uploaded on the GST portal on or before the 10^th of the month.

The data for GSTR 1 return can be complied without connecting to internet in offline mode. Only while uploading the file on the GST portal, an internet connection would be required.

Also the GSTN is in the process of coming up with an offline tool for the filing of the data. It is expected to be launched later this month. (KNN/ DA)