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Retailers getting acclimatized to GST in Indian market

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On the 2nd day after the implementation of GST, big Restaurants, Dhabas, Departmental Stores and Kirana shops have started getting acclimatized to the new tax system. 

 

 Since 25th June, 2017, 2.23 lakh new dealers have entered the GSTN system by filing draft applications of which 63,000 have also submitted full details, and 32,000 dealers granted fresh registrations also. After the big number of registration, the Revenue Secretary, Dr. Hasmukh Adhia appeals to people not to circulate any unverified messages through social media, because the Central and State Governments’ officers are trying their best to provide the required and the correct information to the trade and industry. He also tries to clear the misconceptions/ myths about GST through a series of tweets from his twitter handle @adhia03 to help people.

 

  These myths relating to GST and Reality of each one is given below –

 

 Myth 1: Do 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. So start business. 

 

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

Reality 4: You 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 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. 

Reality 6: Those in retail business (B2C) need to file only summary of total sales.

 

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

Reality 7: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now. 

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