New Delhi (IANS) - A day after the pan-India Goods and Services Tax (GST) came into effect, Revenue Secretary Hasmukh Adhia (pictured) cleared certain misconceptions about the new indirect tax regime. "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.
Cautioning people against falling prey to rumours, Adhia said in a series of tweets that the process around the implementation and execution of GST will be transparent.
Here are the 7 myths that Adhia debunked:
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.