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 CST.

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: provision& 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

MYTHS & REALITIES on #GST by Revenue Sec Shri @adhia03

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 rate is 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.

Source- PIB

Check HSN Code list under GST here

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Category : Goods and Services Tax (7414)
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Tags : goods and services tax (5896) GST (5497)

One response to “7 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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