Home > GST Myths and Facts

GST Myths and Facts

Being deemed as the country’s biggest tax reform, The Goods and Services tax, better known as GST, rolled out on July 1. The reform is anticipated to benefit the common man and, the honest tax payers of the nation. With a promise, to further concretize the Indian economy, it is designed specifically, to diminish corruption to a significant extent.

Although, this taxation reform starts the ball rolling for the vision of ‘One Nation, one Tax,’ it has also given birth to certain apprehensions among the populace, regarding its impact on their finances, businesses and routine life.

Asserting that the citizens of the country should not fall for any mocked-up rumour, Mr. Hasmukh Adhia, the mainspring behind the incorporation of GST, took to twitter, in order to shoot down some novice misconceptions about GST, surfacing lately.

The myths, debunked by Mr. Hasmukh Adhia are mentioned below-

Myth 1:I need to generate all invoices on computer/ internet only.
Fact: Invoices can be generated manually also

Myth 2: I need internet all the time to do business under GST.
Fact: 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.
Fact: 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.
Fact: You can continue doing business and get registered within 30 days.

Myth 5: There are 3 returns per month to be filed.
Fact: There is only 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.
Fact: Those in retail business (B2C) need to file only summary of total sales.

Myth 7: New GST rate is higher compared to earlier VAT.
Fact: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.

Simplify your GST Return Filing & Invoicing with GreenGST

Leave a reply

*

Related Post

Smart and Secure GST Filing Software Online in India – GreenGST

GST India is a comprehensive tax on manufacturing, sale and consumption of goods and services at national level, under, which no distinction will be made between, goods and services for levying of tax. GST India has subsumed almost every indirect tax, levied on goods and services by the Central and State governments in India.

GST has a G2B portal for taxpayers, to access the GST System, seeking to file their GST returns. However that would not be the only way, for interacting with the GST India Services, as the taxpayer, pertaining to his preference of third party applications, for instance GreenGST, will be able to interact with the GST system, seamlessly, sans any hassle via desktop, mobile and other interfaces.

The Advent of GST has paved way for modern SAAS based software’s, to facilitate your tax filing management. Therefore, to handle the great number of invoices that will be uploaded and GST returns that will be filed, every single day, there arises a great need for reliable GST filing software that will chisel out your GST filing woes, all at once! This is where, innovative SAAS based GST Software, such as GreenGST, wade their way to decongest the scenario of GST filing in India.

GreenGST, a product by Moglix, is a one stop-solution for meeting all your GST compliance needs. We extend our expertise in commerce, manufacturing and supply chain to solve problems related to digitization of supply chain as well as making it GST Compliant. Green GST makes your GSTR filing seamless irrespective of whether you are the buyer or the seller.

GreenGST helps you in reporting, invoice creations, reconciliation and GST filing. Our system will not only keep you GST compliant but it also comes with a dashboard based on daily analytics. It will gently remind you five days prior to the deadlines, so that you can download the report on non-compliant vendors and be safe from the hassle of last minute rush.

GSTQuiz

Test your GST readiness with this fun and interactive checklist!