Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Phone Reviews
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Phone Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Know the facts and the myths around GST!
  • Business

    Know the facts and the myths around GST!

    Anish Chakraborty
    Written by
    Anish Chakraborty
    Mail
    Last updated on Jul 03, 2017, 01:52 pm
    Know the facts and the myths around GST!
  • GST is the biggest tax reform in India's history, and businesses across all sectors will take some time to get used to it. False rumors and speculations during transition can be catastrophic.

    Revenue Secretary Dr. Hasmukh Adhia with tweets tried to dispel those falsehoods. The Centre is also deploying 200 officials to educate people on GST and counter false propaganda.

    Here's all about it.

  • In this article
    Internet is not needed all the time Don't halt your businesses unnecessarily You are not paying a huge extra amount! Government is actively countering GST misinformation
  • Myths

    Internet is not needed all the time

    Internet is not needed all the time
  • There is no need to generate all invoices on computer/Internet. If the business wants, it can generate manual invoices too.

    One doesn't need Internet 24*7 internet connectivity for GST, it is only required while filing the monthly return.

    Don't wait for your final ID to do business, your provisional ID is going to be your final GSTIN number.

  • Business

    Don't halt your businesses unnecessarily

    Don't halt your businesses unnecessarily
  • Businesses whose items of trade were earlier exempted and are now taxable should not cease their activities till they get a new registration. They have a window of 30 days to register while conducting business.

    Every small dealer doesn't need to file invoice wise details in their returns. Those in retail business (B2C) only need to file the summary of total sales.

  • GST

    You are not paying a huge extra amount!

    You are not paying a huge extra amount!
  • Businesses are not filing three returns per month but one return in three parts. Dealers will only have to file the first part and the other two will get auto-populated by the computer.

    GST rates are not higher. It only appears so, because excise duty and other taxes, which were earlier unnoticed, have now been subsumed in GST and are now visible.

  • Officials

    Government is actively countering GST misinformation

    Government is actively countering GST misinformation
  • The finance ministry has deployed 200 top officials to ensure that misinformation about GST doesn't spread among businesses and consumers.

    These officials are reviewing articles, op-eds and popular social media forwards related to GST and are responding to them with correct information.

    An official told ET that the center has identified 9 major misleading points and is actively countering them in its training sessions.

  • India
  • Hasmukh Adhia
  • GST
  • GSTIN
  •  
Latest News
  • Action-packed 'F9' trailer released featuring Vin Diesel and John Cena
    Action-packed 'F9' trailer released featuring Vin Diesel and John Cena
    Entertainment
  • Babar Azam's hundred helps Pakistan win 3rd T20I against SA
    Babar Azam's hundred helps Pakistan win 3rd T20I against SA
    Sports
  • South Africa suspends Johnson & Johnson COVID-19 vaccine
    South Africa suspends Johnson & Johnson COVID-19 vaccine
    World
  • Delhi: Crematoriums, graveyards struggle as coronavirus deaths rise
    Delhi: Crematoriums, graveyards struggle as coronavirus deaths rise
    India
  • India logs over two lakh new coronavirus cases; biggest-spike ever
    India logs over two lakh new coronavirus cases; biggest-spike ever
    India
Trending Topics
Bharti Airtel Mukesh Ambani WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News YouTube Hollywood News WhatsApp Netflix Bollywood News ISRO Yoga Honda Batman
Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Apple Royal Challengers Bangalore Rishabh Pant Toyota
Fashion Tips Mercedes Sidharth Malhotra Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers
Neha Kakkar Big Bang Theory X-Men TATA
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021