The midnight of the 30th June marked the inception of the GST regime in India. On that day, at sharp 12 AM, the Prime Minister Modi and the President Pranab Mukherjee, at the Central Hall of Parliament, pressed two buttons on a glass box with GST inscribed on it, making GST law applicable all across the nation. Though the GST has been rolled out and the government is not leaving any stone unturned to make this initiative an economic booster.
However, there are many fringe elements that are trying hard to foil all the hard work done by the government of India. Various rumors and misconceptions are surrounding in the air, people were already skeptical about GST, and these rumors are adding fuel to the fire.
Here, we have listed top seven rumors pertaining to GST framework that has been cleared off by the Revenue Secretary Dr. Hasmukh Adhia. He shared an image on Twitter, answering all the myths about GST regime in India.
List of all myths and misconceptions cleared by Revenue Secretary Hasmukh Adhia:
1. Myth: I need to generate all invoices on computer/internet only
Reality: Invoices can be generated manually also
2. Myth: I need the internet all the time to do business under GST
Reality: The Internet would be needed only while filing monthly return of GST
3. Myth: I have provisional ID but waiting for final ID to do business
Reality: Provisional ID will be your final GSTIN number. Start business
4. 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
5. 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
6. Myth: Even small dealers will have to file invoice wise details in the return
Reality: Those in retail business (B2C) need to file the only summary of total sales
7. 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.
Hope that the information included in the above article will help you clear your heads from all these rumors related to GST. For any query regarding GST, do write in the comment section, we would be more than happy to assist.