Revenue Secretary Hasmukh Adhia has said that GST appears higher as compared to VAT because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.
Busting certain common misconceptions and myths about the new indirect tax regime GST, Mr Adhia reiterated that businesses can continue to do business under GST with provisional ID number and businesses need not wait for Goods and Services Taxpayer identification number (GSTIN). He said, businesses need not generate all invoices on computer only but it can be generated manually also.
On the myth that businesses which were earlier exempt will immediately need new registration before starting business now, he said, they can continue doing business and
get registered within 30 days. He said, small retailers need not file invoice wise details in their return forms and they need to file summary of sales.
On a myth that, There are 3 returns per month to be filed, Mr Adhia said, 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. On the myth that internet is needed all the time to do business under GST, he said, the reality is internet would be needed only while filing monthly return of GST.
