Revenue Secretary Clears 7 Myths Surrounding GST & Its Implementation
July 3rd, 2017
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.
Seven myths of GST and Reality in one picture. pic.twitter.com/7haf5mYq6e
— Dr Hasmukh Adhia (@adhia03) July 2, 2017
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.