Monday, July 3, 2017

Revenue Secretary Hasmukh Adhia Busts Myths Pertaining to GST

Here's a list of myths busted by Revenue Secretary Hasmukh Adhia:

Myth: I need to generate all invoices on computer/internet only
Reality: Invoices can be generated manually also

Myth: I need internet all the time to do business under GST
Reality: Internet would be needed only while filing monthly return of GST

Myth: I have provisional ID but waiting for final ID to do business
Reality: Provisional ID will be your final GSTIN number. Start business

Myth: My item of trade was earlier exempt, so I will immediately need new registration before starting business now
Reality: You can continue doing business and get registered within 30 days

Myth: There are three returns per month to be filed
Reality: There is only one return with three parts, out of which first part filed by dealer and two other parts auto populated by computer

Myth: Even small dealers will have to file invoice wise details in the return
Reality: Those in retail business (B2C) need to file only summary of total sales

Myth: New GST rates are higher compared to earlier VAT
Reality: It appears higher because excise duty and other taxes, which were invisible earlier, are now subsumed in GST and so visible now.

With thanks : YahooNews : LINK

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