Awareness

Revenue Secretary Clears 7 Myths Surrounding GST & Its Implementation

The Logical Indian Crew

July 3rd, 2017

SHARES

Image credits: stz

Revenue secretary Hasmukh Adhia took to Twitter on Sunday, 2 July, to clear apprehensions and misconceptions surrounding the Goods and Services Tax (GST), which came into effect on 1 July.



Below are seven myths and realities surrounding GST


Myth 1: I need to generate all invoices on computer/internet only.
Reality: Invoices can be generated manually also.


Myth 2: I need internet all the time to do business under GST.
Reality: Internet would be needed only while filing monthly return of GST.


Myth 3: I have provisional ID but waiting for final ID to do business.
Reality: Provisional ID will be your final GSTIN number.


Myth 4: My item of trade was earlier exempt so I will immediately need new registration before starting business now.
Reality: You can continue doing business and get registered within 30 days.


Myth 5: There are three returns per month to be filed.
Reality: There is only one return with three parts, out of which first part filed by dealer and two other parts auto populated by computer.


Myth 6: Even small dealers will have to file invoice wise details in the return.
Reality: Those in retail business (B2C) need to file only summary of total sales.


Myth 7: New GST rates are higher compared to earlier VAT.
Reality: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.


Also read: All You Need To Know About The Goods And Services Tax (GST)

 

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