Quotation / Estimate Template in Excel

Last updated: 27 June 2026

A quotation (also called an estimate or quote) is a pre-sale commercial document that tells a prospective buyer your proposed price, applicable GST, and delivery terms — before any order is placed. It carries no GST liability and creates no obligation until the buyer formally accepts it.

Key takeaways

• A quotation is not a tax invoice — issuing one does not trigger GST liability, and the buyer cannot claim Input Tax Credit (ITC) based on a quotation alone.
• Always show GST separately (CGST + SGST for intra-state, IGST for inter-state) so the buyer can budget accurately.
• Include a validity date (typically 30 days) and state that prices and GST rates are subject to change after that date.
• Use a separate numbering series for quotations (e.g., QT/2026-27/001) to keep them distinct from your tax invoice series.
• HSN codes are optional on a quotation, but including them (4 digits for turnover ≤ ₹5 crore, 6 digits above) helps the buyer's purchase team and speeds up invoice approval later.
• TCS under Section 206C(1H) on goods was abolished from 1 April 2025 — do not deduct or show TCS on quotations.
• When the buyer accepts, convert the quotation to a proper tax invoice at the time of delivery or service completion.

What is a quotation and how is it different from a tax invoice?

A quotation is a commercial offer sent before a sale is confirmed. It shows what you propose to supply, at what price, and on what terms. The buyer uses it to compare vendors and get internal approval.

A tax invoice, by contrast, is a legal GST document governed by Rule 46 of the CGST Rules. It must carry mandatory fields such as the supplier's GSTIN, the recipient's GSTIN (for B2B), place of supply, HSN/SAC, and the exact GST charged. It triggers liability for the supplier and enables ITC for the buyer.

Fact box. Rule 46 of the CGST Rules lists 16 mandatory fields for a tax invoice — including GSTIN, HSN/SAC, place of supply, and taxable value. None of these are legally required on a quotation, but including GST rates and HSN codes on your quote reduces friction when the buyer raises a purchase order.

What fields should a quotation in Excel include?

A well-structured quotation contains two broad sections: header information and an itemised pricing table.

Header fields

1. Your company name, address, GSTIN, and contact details
2. Quotation number (e.g., QT/2026-27/001 — separate series from invoices)
3. Quotation date
4. Validity date — state explicitly: "This quotation is valid until [date]. Prices and GST rates are subject to change after this date."
5. Buyer's name, address, and GSTIN (if known)

Line-item table

Footer section

• GST summary table: CGST + SGST (intra-state) or IGST (inter-state) — show both so the buyer sees the split at a glance.
• Payment terms (e.g., 50% advance, balance before dispatch)
• Delivery terms and lead time
• Authorised signatory name and designation

Fact box. As of 22 September 2025, the 12% and 28% GST slabs were abolished. Active slabs are now Nil, 5%, 18%, and 40%. Verify the applicable slab for your HSN/SAC at the GST Rate Finder on gst.gov.in before quoting — quoting the wrong rate can cause a price dispute when the invoice is raised.

How do I build a quotation template in Excel step by step?

Step 1 — Set up a product/pricing master sheet

Create a sheet named PriceMaster with columns: HSN, Description, Unit, Base Price, GST Rate. This becomes the single source of truth.

Step 2 — Build the quotation sheet

• Freeze rows 1–8 for your company header.
• Use a structured table (Insert > Table) for the line items so rows can be added without breaking formulas.
• Use VLOOKUP or XLOOKUP to pull Description, Unit, and GST Rate from PriceMaster when you type an HSN code.

Step 3 — Automate the GST split

In the GST summary section, use SUMIF to group line-item GST amounts by rate slab, then split into CGST/SGST or IGST based on a single cell where you select "Intra-state" or "Inter-state."

Step 4 — Apply conditional formatting

Highlight the validity date cell in amber when today's date is within 7 days of expiry, and red when it has passed. Formula example: =TODAY()>D5 (where D5 holds the validity date).

Step 5 — Add a Terms sheet

Put all standard terms and conditions (warranty, dispute resolution, late payment interest) on a second sheet named Terms. Reference it in the footer: "Terms and conditions apply — see attached sheet."

Step 6 — Export to PDF

Go to File > Export > Create PDF/XPS or use Save As > PDF. Set the print area to your quotation sheet only. Indian SMBs commonly share quotations as PDF via WhatsApp or email — the Excel-to-PDF workflow keeps formatting intact across devices.

How does the quote-to-invoice conversion work?

When the buyer accepts your quotation, the quote is not automatically a tax invoice. You must:

1. Copy the accepted line items to your invoice template.
2. Replace the quotation number with the next sequential invoice number.
3. Add all mandatory Rule 46 fields (GSTIN, place of supply, etc.) if not already present.
4. Issue the invoice at the time of supply (delivery of goods or completion of service).

For a detailed walkthrough, see Convert Quotation to Invoice in Excel.

How Ankeshan helps

How Ankeshan helps: Ankeshan drives CGST/SGST vs IGST switching by buyer state and converts a quotation to a tax invoice in one step, inside Excel. It's launching soon; join the waitlist.

The free Excel quotation template described in this article requires no sign-up — download it from the GST Invoicing hub.

Frequently asked questions

Does issuing a quotation create GST liability? No. A quotation is a pre-sale commercial document, not a supply. GST liability arises at the time of supply — when goods are delivered or services are completed and a tax invoice is issued. Sending a quotation, even if the buyer accepts it verbally, does not trigger GST.

Can a buyer claim ITC on a quotation? No. Input Tax Credit can only be claimed on a valid tax invoice issued under Rule 46 of the CGST Rules. A quotation does not meet those requirements and cannot be used for ITC purposes.

Should I include my GSTIN on a quotation? It is good practice to include your GSTIN on a quotation so the buyer can verify your registration and anticipate the correct GST charge. It is not legally mandated, but omitting it can delay purchase order approval in larger organisations.

What GST rates should I use on a quotation in 2026? The current active slabs are Nil, 5%, 18%, and 40%. The 12% and 28% slabs were abolished on 22 September 2025. Always verify the applicable slab for your specific HSN or SAC code on the GST Rate Finder at gst.gov.in before sending a quotation, as rates can change.

How long should a quotation remain valid? There is no statutory period — it is a commercial decision. Most Indian SMBs use 15 to 30 days. State the validity date explicitly in the quotation and include a note that prices and GST rates are subject to change after that date.

Is a proforma invoice the same as a quotation? They are similar but serve different purposes. A quotation is an offer seeking acceptance. A proforma invoice is issued after acceptance is indicated, often used to initiate advance payment or for import/export customs purposes. See Proforma Invoice Format in Excel for a detailed comparison.

Sources

• CGST Rules, 2017 — Rule 46 (Tax Invoice fields): cbic-gst.gov.in
• GST Council Press Release, 22 September 2025 (rate rationalisation — abolition of 12% and 28% slabs)
• CBDT Notification abolishing TCS u/s 206C(1H) on goods w.e.f. 1 April 2025
• HSN mandatory digit requirement: CBIC Circular No. 156/12/2021-GST (4/6/8 digit HSN based on turnover)

Disclaimer: General information, not professional advice. Verify on the official portal for your case. Reviewed by a Chartered Accountant; last updated 27 June 2026.

Related articles

• GST Invoicing — hub
• Free GST Invoice Template in Excel
• Proforma Invoice Format in Excel
• Convert Quotation to Invoice in Excel