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
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.