Revenue Secretary, Hasmukh Adhia today, in his first ‘class’ on the new tax regime, announced that all the traders with a turnover below Rs 20 lakh will have to register for the Goods and Services Tax (GST). While talking about the issue he said, “No threshold exemption on traders below Rs 20 lakh turnover if they want to do business with other states or inter-State.” Earlier today, the Revenue Secretary took the first class of the GST Master Class, which will take place till July 12.
Revenue Secretary Hasmukh Adhia earlier took to Twitter to bust “seven myths” that were doing the rounds about the new tax regime. Adhia, the architect behind the country’s largest tax reform, sought to dispel concerns that if a person makes payment of utility bills by credit cards, then he/she will be paying GST twice. “This is completely untrue. Please do not recirculate such message without checking it with authority,” Adhia said. India ushered in the Goods and Services Tax (GST) regime on the intervening night of June 30 and July 1, according to PTI.
A four-tier tax slab — 5, 12, 18 and 28 per cent — has been decided with essential items like salt, unpacked food grains, healthcare services being kept zero rated. People have been posting in social media pictures of receipts issued in grocery stores or eateries showing tax deductions as GST, instead of VAT/Service tax earlier. Busting the myth that GST rates are higher than VAT, Adhia said, “It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now,” report further added.