GST rollout: A reality check - 7 myths about Goods and Services Tax dispelled

New Delhi: The Revenue Secretary Hasmukh Adhia through a series of tweets from his twitter handle has busted certain common misconceptions/ myths about GST.

These myths relating to  GST and Reality of each one is given below:

Myth 1: Do 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. So start business.

Myth 4: My item of trade was earlier exempt so I will need new registration before starting business now.

Reality 4: You 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 is to be filed by dealer and two other parts would be 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 because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.