Revenue Secy dispels rumours on GST rollout; assures benefit to honest tax payers

Revenue Secretary Hasmukh Adhia on Friday plead the small businesses owners and traders to not to believe in any misinformation related to GST implementation. It is a transparent process, which will benefit honest taxpayers, Adhia said. 

As the time to switch over to one nation, one tax GST system, the confusion and panic among small business owners is growing rapidly. To dispel fears, Adhia clarified the myths:"People are saying that retailers will have to file three returns per month. This untrue, you have to file only one. Rest will be generated by a computer."

Additionally, he said, "Composite dealers do not have to file the return every month, but once in three months that too just the details of total turnover."

Revenue Secy also assured that traders do not have to install big IT infrastructure for GST. "The government will even provide free software for B2B systems," he said. "Will give an excel format for B2B so they can keep invoice details updated and upload every month on the 10th."

GST Live: India all set for biggest tax reform, Modi Govt to make formal announcement in special Parliament Session today

Prime Minister Narendra Modi will at midnight unveil the new tax regime replacing overnight the messy mix of more than a dozen state and central levies built up over seven decades, with a one national GST unifying the country’s USD 2 trillion economy and 1.3 billion people into a common market.