Govt asks businesses to register under GST by July 30

The government today asked traders to get registered under the Goods and Services Tax (GST) regime by July 30.

However, traders with turnover of below Rs 20 lakh or those engaged exclusively in the supply of exempted goods or services need not register under the new tax regime which has kicked in from July 1.

“As per the GST laws, one is required to take registration on or before July 30, 2017. All traders are requested to register now without waiting for the last date,” a finance ministry statement said.

Listing the benefits of getting registered under GST, the ministry said that input tax credit can be passed on in the value chain and due taxes collected will come to the exchequer.

“Therefore, traders are requested to register under GST immediately without wasting any more time,” it said.

Businesses with turnover of up to Rs 20 lakh (Rs 10 lakh in special category states) are exempt from GST.

“If one is carrying out any business and has an annual aggregate turnover in the preceding financial year exceeding Rs 20 lakh, you need to register in all the states/Union Territories from where you are making taxable supplies,” it said.

Excise, VAT or service tax payers who have already migrated to the GSTN portal and have been issued provisional IDs need to complete the registration process by September 22, 2017, by giving all the documents following which GSTIN will be issued.

Those taxpayers who need not register under the GST regime can cancel their registration by July 22. Those who have not migrated but are liable for registration will have to do so by July 22, it added.

For new taxpayers who are not registered under any of the erstwhile tax regimes, they will have to get themselves registered by July 30.

If anytime during the course of the financial year a business crosses the Rs 20 lakh turnover threshold, then it will have to apply for registration within 30 days from becoming liable for registration.

The finance ministry said if a business has a valid PAN, email ID and a mobile number, then it can file an online application on the common portal and get registered for GST.

“Taking registration in GST is a very simple process, and the comfort of the taxpayer has been kept in mind while designing the procedure,” the statement said.

The ministry said that getting registered under GST is for one’s own benefit and if one is liable to take registration but does not get registered, one will not be able to enjoy the benefit of input tax credit.

Any registered person purchasing from him/her may not be able to get the input tax credit. Besides, not obtaining registration, though liable to do so, would also attract penalty, it added.

“Getting registered would lead to growth in one s business. Prospective buyers, who are registered under GST, will prefer to buy from suppliers who are also registered under GST, as this would entitle them to the input tax credit,” the ministry said.

Getting registered would mean that one is contributing his bit towards nation building by ensuring that appropriate taxes are collected and paid to the government, it added.

Earlier in the week, Prime Minister Narendra Modi had asked all chief secretaries to work expeditiously towards ensuring that all traders register under the GST regime.

He conveyed this while chairing a meeting of Pro-Active Governance and Timely Implementation (PRAGATI), a multi-modal platform through which he interacts with top officials of state governments via tele-conferencing.


Check Also

sensex soars

Sensex Soar as Election Anticipation Builds

The Indian stock market experienced a significant surge on Monday, driven by expectations of a ...