Revenue Secretary Clears 7 Myths Surrounding GST & Its Implementation

The Logical Indian Crew

July 3rd, 2017 / 3:28 PM

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)

 


Contributors

Written by :

Edited by :

Related Stories

GST Council Electric Vehicles Chargers

GST Council Cuts Down GST Rate On Electric Vehicles And EV Chargers

Universal Basic Income

Universal Basic Income: The Meaning, Merits & The Feasibility Of Its Implementation In India

Siang River Floods

Areas Surrounding Siang River Alerted Of Flash Floods After Formation Of Artificial Lake In Tibet

GST Council Meet: Government Cuts GST Rate On 88 Items, Makes Sanitary Napkins Tax-Free

GST

GST Rate On Over 70 Items Expected To Be Cut In Today’s GST Council Meeting

GST

GST Reduction: Only 50 Items Now Remain In The Highest 28% GST Slab

Latest on The Logical Indian

News

US Federal Commission Seeks Sanctions Against Amit Shah Over Citizenship Amendment Bill

News

Lok Sabha Clears Controversial Citizenship Amendment Bill Amidst Opposition Uproar

Get Inspired

Kolkata Couple Rides Over 36,000 Km For Tiger Awareness

News

87% Drop In Tourism In Kashmir Post Abrogation Of Article 370

News

Sky Rocketing Onion Prices Create Agony, Citizens Come Back With Sarcasm

Exclusive

Explained: How New Citizenship Bill Will Pave Way For ‘Hindutva Version Of Pakistan’ In India

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.