India

GST rollout: Retailers have nothing to fear; everyone will benefit, says Hasmukh Adhiya

Hasmukh Adhiya-wefornews-min

New Delhi, June 30, 2017: Hours ahead of the biggest GST (Goods and Service Tax) launch in Parliament, Revenue Secretary Hasmukh Adhiya has asserted that people should not believe in any false information and that everyone will benefit from it.

Speaking to media, Adhiya said that “People should not believe in any misinformation as it is a transparent process. Honest taxpayers will benefit.”

Adhiya, who has called GST both a technological and fiscal “marvel,” spoke media about the number of returns retailers will be expected to file every year under the new regime.

“People are saying that three returns need to be filed every month. No, just one. You (retailers) only need to fill out one return a month. The computer will make the other two,” Adhia said.

He added that composite dealers don’t have to file returns every month and instead they have to file it once in every three months and that too details of total turnover.

The revenue secretary further said that B2B companies will be provided with an excel format so they can keep updating their invoice details updated and upload every month on the 10th.

 Wefornews Bureau

 

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