1. GST myths and reality: Hasmukh Adhia takes to Twitter, separates 7 facts from fiction

GST myths and reality: Hasmukh Adhia takes to Twitter, separates 7 facts from fiction

GST myths busted: Revenue Secretary Hasmukh Adhia on Sunday took to Twitter to clear 7 misconceptions about the Good and Services Tax (GST).

By: | New Delhi | Updated: July 2, 2017 5:52 PM
gst myth, gst misconceptions, gst impact, confusions about gst, gst faqs, gst invoices, gst Internet, gst provisional ID, gst exempted trade items, gst returns per month, gst new GST rates Last week, key equity indices ended on a negative note, as investors were spooked ahead of the launch of the GST. (Reuters) (Reuters)

GST myths busted: Revenue Secretary Hasmukh Adhia on Sunday took to Twitter to clear 7 misconceptions about the Good and Services Tax (GST). “There are seven myths going around about GST which are not true. I want to dispel them one by one in form of myth and reality. Pl see these,” Adhia tweeted. The Revenue Secretary then issued a list of myths and misconceptions, followed by reality. These included confusions relating to invoices, Internet, provisional ID, exempted trade items, returns per month, New GST rates and more. The clarification comes a day after the historic goods and services tax came into play across the country. A number of shops in major markets reportedly remained shut, or didn’t carry on any business on the first day due to confusion about taxes. Here’s the list issued by the revenue secretary on Twitter.

Myth 1: I need to generate all invoices on computer/ internet only.

Reality 1: Invoices can be generated manually also

Myth 2: I need Internet all the time to do business under GST.

Reality 2: 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 3: provisional ID will be your final GSTIN number. Start business

Myth 4: My item of trade was earlier exempt so I will immediately need new registration before starting a business now.

Reality 4: U can continue doing business and get registered within 30 days

Myth 5: There are 3 returns per month to be filed.

Reality 5 : There is only 1 return with 3 parts, out of which first part filed by the 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 6: 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 7 : It appears higher bcoz excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.

  1. S
    Shivpujan tiwari
    Jul 2, 2017 at 10:34 pm
    Really its good for business
    Reply

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