GST rate is higher compared to earlier VAT, myths around GST busted

  • GST rate is higher compared to earlier VAT, myths around GST busted

    Summary:

    Revenue Secretary Dr. Hasmukh Adhia has tried to bust all the myths around GST. 

    Ever since the biggest tax reform, GST has been implemented across all the sectors, many myths and speculations are spreading, and, these false rumours can be catastrophic.

    To put an end to such tittle-tattle, in a series of tweets the Revenue Secretary Dr. Hasmukh Adhia has explained everything you need to know about it.

    Take a look                     

    All invoices must be generated on computer/internet only

    #Buster

     ·         There is no need to generate all invoices on computer & Internet. If the business wants, it can generate manual invoices too.

    ·         Don`t wait for your final ID to do business, your provisional ID is going to be your final GSTIN number.

     Even small dealers will have to file invoice wise details in the return

    ·         Every small dealer doesn`t need to file invoice wise details in their returns.

    ·         Those in retail business (B2C) only need to file the summary of total sales.

     The new GST rate is higher compared to earlier VAT

    ·         GST rates are not higher.

    ·         It only appears so, because excise duty and other taxes, which were earlier unnoticed, have now been subsumed in GST and are now visible.

     If a person makes payment of utility bills by credit cards, they will be paying GST twice 

    ·         GST is only levied once, irrespective of the payment being made by cash or cards.

    There are three return per month to be filed

    ·         There is only one return with three parts, out of which first part filed by dealer and two other parts auto populated by computer

     Hope this information will quash all of your queries.

    Source: