The Revenue Secretary, Government of India, Dr. Hasmukh Adhia through a series of tweets from his twitter handle @adhia03 has busted today certain common misconceptions/ myths about GST.
These myths relating to GST and Reality of each one is given below.
Myth 1: Do 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.
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Reality 3: Provisional ID will be your final GSTIN number. So start business.
Myth 4: My item of trade was earlier exempt so I will need new registration before starting business now.
Reality 4: You 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 is to be filed by dealer
and two other parts would be 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 rate is higher compared to earlier VAT.
Reality 7: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.
Disclaimer: No Business Standard Journalist was involved in creation of this content
