Busting the Myths – GST Edition

A ton of speculations and rumors are doing nothing but firing up the confusion and the only solution to clear these things out is by spreading awareness.

Here are the 7 points of GST knoweledge:-

  • Myth – You need to generate all invoices on computer/internet only.Β Reality – Invoices can be generation also.
  • Myth – You need internet 24*7 to do business under GST. Reality – Internet is needed only while filling monthly return of GST.
  • Myth – Only have provisional ID but waiting for final ID to do business. Reality – Provisional ID will work as final GSTIN number.
  • Myth – If item was earlier exempt you’ll require new registration. Reality – Continue doing business and get registered within 30 days.
  • Myth – There are 3 returns to be filled per month. Reality – Only 1 return with 3 parts i.e. first files by dealer, second and third will be auto-generated by computer.
  • Myth – Even small dealers will have to file invoice wisely with deatils in return. Reality – Those in retail business (B2C) need to file only summary of total sales.
  • Myth – New GST rate is higher compared to earlier VAT. Reality – All invisible taxes like Excise Duty have been subsumed in GST, so it appears that way.

I hope this article helped you to understand the GST concept a little better maybe like 10 % if not 100% and that’s what I need to keep going PROGRESS…….

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