Government Response To Questions Raised On GST Tips

By | July 2, 2017

Government Response To Questions Raised on GST

GST Tips || GST Common Myths || GST Questions || GST Resolution || GST Tax Rates || GST Benefits || GST Explained

Common FAQ Asked On GST

One of the biggest tax reforms on July 1 has been implemented in country as GST. But there are many types of confusion about it in traders, small traders and common people about this tax reform system. Revenue Secretary Hasmukh Adhiaa tried to remove some misconceptions about GST on Sunday.

He told about some common myth and his truth about GST on Twitter. He clarified the position about the seven myths associated with GST.

Myth- I have to make all the bills from computer / internet

Reality – Bill can also be made by hand

Myth- Will I need internet at all times to do business under GST?

Reality- The internet will be required only when filing monthly GST returns.

Myth – I have a provisional ID but I am waiting for the final ID to do business

Reality- Provisional ID will be your final GSTIN. Start the business.

Myth- The item I used to trade was tax exempt. So, now I have to get a new registration before starting the business

Reality – you can start your business and you will have to register within 30 days.

Myth- Three returns will be filed every month

Reality- There is only one return, it has three parts. The first part will be filtered through the dealer and two other parts will be filled automatically from the computer.

Myth- Small dealers also have to file the details of the bill in return.

Reality- Those who are in retail business (B2C) will have to give a brief description of the total sales only.

Myth- The new GST rate is higher than earlier VAT.

Reality – it looks more like because the first excise duty and other taxes were not visible and now it has been covered in GST and is showing up.

Get the Best Tips on GST

GST is the world’s best tax system. Take it positively and speed up adoption. It was justified by June 30th to deny it. Now the businessman who delays in adoption will find it difficult in the coming time. Tax advisors make their clients aware about this. This was stated by Dharmendra Shrivastava, a renowned Chartered Accountant from Kanpur on Saturday, in the Merchant Chamber Auditorium.

Awareness program was organized by CA on the occasion of GST Day. In the meantime, he also gave the necessary tips to other chartered accountants and businessmen. Deep Kumar Mishra, chairman of the Central Regional Council of the Institute of Chartered Accountant of India, presided over this.

Tax expert Advocate Santosh Kumar Gupta and deputy commissioner of the Commerce Department Vishal Pundir answered the questions. The address of the director of the CA Institute was broadcasted through the projector here. During this time, MLC Arun Pathak, VK Lahoti, Avinash Chaturvedi etc. were present from the Merchant Chamber.

CA Dharmendra Shrivastav’s Tips

Tax advisors can check the registration of their clients. Please complete the papers that are incomplete or shortcomings.

– The businessman should have to issue a tax invoice at all times. Even if it sold the goods to the businessman or to the customer.

– Provide a GSTN number to the supplier, otherwise it may be considered unregistered by the trader.

– Bill of supply will be released for those goods only which will be tax free in GST.

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