Navigating the complexities of GST returns can be a real challenge for businesses, especially with the frequent changes in laws and rules. Ensuring compliance while maximizing eligible Input Tax Credit (ITC) can feel like a constant balancing act.
To help streamline this process, I’m sharing a helpful Monthly GST Computation sheet. This tool is designed to assist businesses in managing their GST returns, whether you’re filing monthly or under the Quarterly Return Monthly Payment (QRMP) scheme.
This comprehensive Excel sheet includes dedicated sections for:
- Sales Summary: Track your sales data with ease.
- Sales Amendments: Record and analyze amendments declared in subsequent returns, along with their tax impact.Purchase Summary: Categorize your purchase invoices into eligible ITC, ineligible ITC, and ITC not reflecting in the current tax period. This helps you keep a close eye on your ITC claims.
- GSTR 3B Summary: The sheet automatically calculates your net GST payable for the month using built-in formulas, providing a clear overview of your tax liability.
A key benefit of this sheet is its ability to track invoices for which you haven’t yet claimed credit. This allows you to quickly identify suppliers who haven’t filed their returns on time, enabling you to follow up and ensure you receive your due ITC.
You can download the sheet from here:
Important Note: This is a template for educational purposes only and should not be considered a substitute for professional tax advice. Remember to populate the sheet with your specific financial data.
