The Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST).

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 need new registration before starting business now.

Reality 4: U can continue doing business and get registered within 30 days

Myth 5: New GST rate is higher compared to earlier VAT.

Reality 5 : It appears higher bcoz excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.

Source- PIB

Check HSN Code list under GST here

(Republished With Amendments)

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Category : Goods and Services Tax (8048)
Type : Articles (18220)
Tags : goods and services tax (6499) GST (6100)

One response to “5 Myths / Misconception about GST and Reality”

  1. Deepak R Chang says:

    How to apply for composition there is no link on the gst portal I have login ID and password but only enrolment form opens? Pls help

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