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Last updated: 03 Jul, 2017  

gst-thmb.jpg Revenue Secretary dispels seven 'myths' about GST

hasmukh-adhia.jpg
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SME Times News Bureau | 03 Jul, 2017
A day after the pan-India Goods and Services Tax (GST) came into effect, Revenue Secretary Hasmukh Adhia on Sunday cleared certain misconceptions about the new indirect tax regime.

"There are seven myths going around about GST which are not true. I want to dispel them one by one in form of myth and reality. Pl see these," Adhia tweeted.

Cautioning people against falling prey to rumours, Adhia said in a series of tweets that the process around the implementation and execution of GST will be transparent.

"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.

He posed the myth-reality binary on GST thus:

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

Reality: Invoices can be generated manually also

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

Reality: Internet would be needed only while filing monthly return of GST

Myth: I have provisional ID but waiting for final ID to do business

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

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

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

Myth: 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: 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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GST Pricing
V.S.gopal | Wed Jul 12 08:31:33 2017
Sir, I mostly buy all my raw materials from Small scale manufacturers who don't come under Central Excise Duty and total input tax is only 5%.I was also paying only 5% for both VAT/CST. Now I have to pay 12% which is 7% more. My customers are feeling the pinch and turnover will certainly come down.


composition scheme can be made more encouraging
Damodar Gupta Satrasala | Sun Jul 9 00:12:04 2017
In the composition scheme rules, it is not necessary to ban interstate purchased opening stocks holding. This is absolutely meaningless,and highly discouraging for SMEs and against the govt.'s propaganda that the SMEs are free to join composition scheme and have hassle free taxation. How far is this propaganda true?


TAX
JK SERVICES | Wed Jul 5 08:33:02 2017
We are manufactuers and dealers of Electrical, electronics and mechanical goods . We service job also. How much tax will come. Previously we have charged vat 14.5%.


Myth and realty on gst
balwan singh | Wed Jul 5 06:07:52 2017
The GST implementation is a way forward for better growth of the nation and to reduce corruption ,after 5 to 6 months it will prove fruitful to all consumers and traders also,bold & appreciable step by authority, welcome one tax reform in the country.


 
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