New Delhi [India], July 2 : Revenue Secretary Hasmukh Adhia on Sunday cleared apprehensions of the consumers over the complexities of the Goods and Services Tax (GST) reform, which is likely to benefit the honest taxpayers.
Asserting that people should not fall for any rumor, Adhia in a series of tweets cleared the myth about GST and said that the process around the implementation and execution will be transparent.
Below are the top 10 myths and reality surrounding the 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 immediately need new registration before starting business now Reality 4: You can continue doing business and get registered within 30 days Myth 5: There are three returns per month to be filed Reality 5: There is only one return with three 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 rates are higher compared to earlier VAT Reality 7: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now Earlier, Adhia had urged the people to not believe in any misinformation.
"Nothing to worry on GST implementation, don't need big IT infrastructure. Even B2B don't need big software. We will give free software," he said. Elucidating the process of the filing returns, Adhia further said that the people will only have to file return one in three months.
The GST, which rolled out on June 30 midnight is said to bring the Indian economy under a single tax bracket.
Under the GST, six slabs of taxation have been proposed by the council, ranging from zero percent to 43 percent.
Initially, it is being said that essential commodities and luxury goods will be taxed separately..
Source: ANI
