Hasmukh Adhia on GST (GST in simple terms)

At this moment, both small and large businesses, suppliers and retailers are struggling to understand the impact and implications on GST. Even though GST has been active since July 1st 2017, there is still lot of confusion and open questions.

Hasmukh Adhia (Revenue secretary, Ministry of Finance) has emerged as one of the most clear voice of GST from government site.

Hasmukh Adhia on GST

A wrong message is doing rounds on social media that if u make payment of utility bills by credit cards,you will be paying GST twice.

Hasmukh Adhia on GST Myths

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

Hasmukh Adhia on Retail GST

Those in retail business (B2C) need to file only summary of total sales.

Hasmukh Adhia On GST Composition scheme

Yes the composition dealers can purchase from other States but can not sell to other States.

Exemption and composition schemes are only for small traders who are trading within the State. Inter State sales require IGST to be paid.

GST Import

IGST paid on imports should be/ would be auto populated in GSTR 2. If it does not, you can enter too.

GST dealer doing both B2B and B2C

They have to file total turnover details for B2C and invoice-wise details for B2B.

GST and Lawyer

If any registered company is paying professional charges to a lawyer, that company has to pay GST in reverse charge. Not in other cases.

Category: finance gst