There are 7 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.
⛳ Myth 1: 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. Start business.
⛳ Myth 4: My item of trade was earlier exempt so I will immediately need new registration before starting business now.
🌴 Reality 4: U 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 filed by dealer and two other parts auto populated by computer (GSTN)
⛳ 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 rates are higher compared to earlier VAT.
🌴 Reality 7 : It appears higher bcoz excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.
Exemption and composition schemes are only for small traders who are trading within the State.
Inter State sales require IGST to be paid.
Please spread facts, not rumours.
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005