Seven Myths and Realities about GST

Myth 1: You should create all invoices only on computer/ internet.

Reality 1: You may generate invoices manually.


Myth 2: You require the internet at all times to do business under GST.

Reality 2: The Internet is only needed while filing monthly returns of GST.


Myth 3: You have a provisional ID but you require a final ID to do business.

Reality 3: You may start doing your business with the Provisional ID as it will be the same as your final GSTIN number.


Myth 4: Your item of trade was earlier exempt so you will immediately require a new registration before continuing business.

Reality 4: You may continue your business and get registered within 30 days of time.


Myth 5: You have to file 3 returns per month.

Reality 5: You only have to file one return with three parts, out of which the first part should be filed by the dealer and the other 2 parts should be auto populated by computer.


Myth 6: Even the small dealers should file invoice wise details in the return.

Reality 6: Only the summary of total sales is required to be filed by those in the Retail Business (B2C).


Myth 7: The new GST rates are much higher than the earlier VAT.

Reality 7: It only appears higher as the excise duty and other taxes which were not visible in the earlier system are now included in GST and therefore it is visible now.