GST Calculation for Invoice Generation in IT Filing

Abstract

Goods and Services Tax (GST) Accounting and Billing System is arguably one of the most complex Information Technology (IT) Systems in the world – in terms of scale, size, and complexity. Under Goods and Services Tax, the returns of the buyer’s will be auto filled by data from the returns done by sellers and invoices uploaded by him/her. The software will have to match the data automatically from the returns and uploaded invoices and accept/deny/modify these invoices. The uploading of duplicate invoice is not allowed by the Goods and Services Tax system. All payments, uploading of invoices and filing of returns will have to be done electronically by all taxpayers only through the Goods and Services Tax portal. Access to and use of technology is therefore crucial for all taxpayers registered with the Goods and Services Tax Network, without which they cannot conduct business. This paper intents a proper invoice generation through the software and application that will be uploaded on the Goods and Services Tax Portal for filing Income Tax Returns.