GST basics: 7 misconceptions cleared

The rumour mills have gone on an overdrive mode since the launch of GST . Here’s a reality check by ET Wealth for both GST supporters and its detractors. 1. Now it’s one nation one tax Myth : Since GST will replace all other taxes on all goods and services, we are in a single tax regime. Reality : Though this was the original idea, petroleum products—petrol, diesel—are still outside GST’s ambit an…