GST Myth V/s Reality : All you need to Know

Here are seven GST related misconceptions that busted by the Revenue Secretary Dr Dasmukh Adhia

Myth 1: I need to generate all invoices on computer/ internet only.

Reality : invoices can be generated manually also

Myth 2: I need internet all the time to do business under GST.

Reality : 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: provisional ID will be your final GSTIN number. Start business.

Myth 4: 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 5: There are 3 returns per month to be filed.

Reality : 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 : Those in retail business (B2C) need to file only summary of total sales.

Myth 7: 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.

 

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