How will GST effects to people of India? There is a lot of misconceptions about the tax. many people put their opinion on GST.
One of them is revenue secretary Hasmukh Adhia post on twitter about GST effect. What was the said by the revenue secretary Hasmukh Adhia on GST given below?
Revenue Secretary Hasmukh Adhia’s Twitter Post On GST
On 2nd July revenue secretary Hasmukh Adhia post to Twitter to break some misconceptions about the tax.
For a retail business, your provisional ID will be needed for GST number and it will be your Final GST number. There is no need of registration starting a new business, means you can register within 30 days after starting the business.
There are the misconceptions the about higher tax rate. The misconception is that the New GST rate is higher compared to earlier VAT but the reality is that many taxes like excise duty and other taxes are now subsumed in GST so it appears higher.
Electronic transactions not only generated on a computer but also manually also. There is needed of internet only when filling monthly return of GST. After that, there will be no needed off the internet.
There is only one return to being filled in three parts. First part filled by the dealer and other parts auto-populated by the computer. Small dealers will have to file the only summary of total sales. So these were the misconceptions and reality of GST.
Effect of GST on iPhone
There is another good news for customers is that iPhone price is cut down. The reason behind this cut is that before GST overall taxation on iPhones was quite high, so even with the GST rate of 12 percent and customs duty, the net tax is lower than what was being levied before 1st July 2017. So the prices are cut down of iPhone.