TMI BlogThe Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST)X X X X Extracts X X X X X X X X Extracts X X X X ..... The Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST) - Goods and Services Tax - GST Dated:- 3-7-2017 - News - The Revenue Secretary, Government of India, Dr. Hasmukh Adhia through a series of tweets from his twitter handle @adhia03 has busted today certain common misconceptions/ myths about G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ST. 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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aiting 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly 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 hig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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