Hasmukh Adhia busts seven misconceptions about Goods and Services Tax (GST)

GST will not lead to rise in inflation says Hasmukh Adhia India Tv

The Centre asked the public not to fall for rumours around the Goods and Services Tax (GST), and cleared a few apprehensions about the new nationwide tax that rolled out on Friday midnight.

Adhia who is known to have used the micro-blogging site Twitter to clarify various issues related to GST for the people, clearly stated that all such messages making rounds should be checked with authorities and official notifications before being recirculated.

Myth 4: My item of trade was earlier exempt so I will immediately need new registration before starting business now.

Myth 2: I need internet all the time to do business under GST.

Myth 1: I need to generate all invoices on computer/ internet only.

The IAS officer at the head of GST implementation said the reform will being transparency on the tax being payed on each product.

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Myth 5: There are 3 returns per month to be filed. He said, small retailers need not file invoice wise details in their return forms and they need to file summary of sales.

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.

Given that many of these goods had been purchased after payment of VAT (Value Added Tax), countervailing duties, import duty and central excise, many traders questioned how the commercial tax department would adjust the taxes paid earlier."Most distributors and exclusive stores are sitting on stock worth anywhere between Rs 1 crore to Rs 3 crore".

Analysts expect the overall transition into the formal sector to take place at a slower pace due to tax neutrality and high compliance costs, it would be faster in categories where the GST rates are lower than the existing rates.

In addition to this, Goods and Services Network (GSTN) has unveiled a simple Excel based template that will facilitate the taxpayers in preparing and filing their monthly returns with maximum ease and minimal cost.

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