1. Hasmukh Adhia takes 1st GST Master Class, says traders with turnover under Rs 20 lakh will have to register for interstate business

Hasmukh Adhia takes 1st GST Master Class, says traders with turnover under Rs 20 lakh will have to register for interstate business

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)

By: | New Delhi | Updated: July 6, 2017 7:46 PM
Revenue Secretary, Hasmukh Adhia, GST Earlier today, the Revenue Secretary took the first class of the GST Master Class, which will take place till July 12. (PTI)

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.

  1. S
    Shailendra kumar
    Jul 11, 2017 at 11:52 am
    मेरा इन्बर्टर बैटरी का रिटेल का व्यापार है ,टर्नओबर 20 लाख से कम है । Vat की समाधान (compound) स्कीम में रजिस्ट्रेशन है । मैं तिमाही टैक्स जमा करता हूँ । दूसरे स्टेट से माल नहीं मंगाता हूँ । क्या GST में माइग्रेट करना जरुरी है? मैं माइग्रेट नहीं करना चाहता हूँ । क्या मुझे 1.4.17 से 30.6.17 तक की सेल का टैक्स जमा करना है? स्टॉक का क्या करना है?
    Reply
    1. Ramesh B Bhatia
      Jul 6, 2017 at 8:45 pm
      Can any one explain GST on old stock ? Who is losing money ? small trader they cannot get input of tax paid before. I am a trader dealing items 14,5 .. Now from 1-7-2017 if I sell any item say Rs.1000/- I have to spare 14 CGST 14 SGST 28 280 Rs.? I have already paid 14,5 tax on same item to Govt ? so it is total 42.5 ? In this compe ion customer will never pay extra 14 ? So either I do business or loose money ? The stock in shop can not be cleared before 30th Sept even if we are getting 14.5 input Tax already paid to Govt ( on their record) .We retailers are loosing 13,5 Tax (28 catg) ? I am talking about the goods we purchased from Company outlet directly against invoice. Imagine 13.5 loss ? for what ?
      Reply

      Go to Top