Revenue secretary addresses doubts on twitter

1. Myth: All invoices need to be generated on computer only

Reality: Invoices can be generated manually too

 

2. Myth: It is said that you need internet all the time for the business

Reality: The internet is needed only at the time of filing monthly return

 

3. Myth: I have a provisional ID but I am awaiting for my final ID to do business

Reality: The provisional ID is your final GSTN number you can start your business using provisional ID

 

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

Reality: you can continue doing new business and register within 30 days

 

5. Myth: there are three monthly returns to be filed

Reality: There is only one return with three parts of which the first part is to be filed by the dealer and the other two are auto-populated by the computer

 

6. Myth: Even small dealers will have to file invoice- wise details in the return

Reality: Those in retail business (B2C) need to file only summary of total sales

 

7. Myth: New GST rates is higher compared to earlier VAT

Reality: It only appears higher. Excise and other taxes, which were invisible earlier, are now subsumed in GST and so visible

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CA Chirag Chauhan

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