The implementation of Good and Services Tax across India has left the traders, businessman and consumers confused. While social media is flooded with queries related to what is cheaper and what is dearer under new tax slabs, several retailers have been complaining that their business has been paralysed as they do not have computer or the internet to generate bills or are not sure if they have the final ID to do business under GST laws.
But there is one man on the internet who is solving every query thrown at him tirelessly. Revenue Secretary Hasmukh Adhia, one of the main forces behind GST, has been responding to every problem thrown at his at microblogging site Twitter. To end all troubles, he even compiled a list of myths and realities related to GST.
GST myth and reality by Revenue Secy Hasmukh Adhia
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 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 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 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.
Seven myths of GST and Reality in one picture. pic.twitter.com/7haf5mYq6e— Dr Hasmukh Adhia (@adhia03) July 2, 2017