India has undergone the biggest tax reform in its history, GST has now been implemented into our taxation system, as GST in our system is completely new and different from GST being used in other countries there are tons of concerns specially among Indian businessman’s, but due to complexity of GST law many kind of myths are being born, this myths are making people nervous, so here are the 7 myths of GST and the reality behind them:-
Myth 1: 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. Start business
Myth 4: My item of trade was earlier exempt so I will immediately need new registration before starting business now
Reality 4: You can continue doing business and get registered within 30 days
Myth 5: There are three returns per month to be filed
Reality 5: There is only one return with three parts, out of which first part filed by dealer and two other parts 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 rates are 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
Hope this article helped you clearing some doubts and concerns that you have for GST, but it is no myth that taxation system now is going digital. Business can meet GST compliance with the help of ERP solutions and business without good ERP may be at a risk of incorrect return filing. Hence a good ERP Solution would help a business a lot for this GST regime and a lot of things along with it.
To know a ERP system well prepared for GST click here
Reference:-Hasmukh Adhia @adhia03(twitter)
