GST implementation: Govt tells businesses to register by July 30
The government asked operators today to be registered in the GST system on July 30.
“Under the laws of the GST, one is required to be registered before July 30, 2017. All traders must register now without waiting for the last time,” said a statement from the Finance Ministry.
In listing the benefits of being registered under the GST, the ministry said that the tax credit on inputs can be transmitted in the value chain and that the taxes collected come to the inventory.
“Therefore, traders have to register under GST immediately without wasting any more time,” he said.
Companies with a turnover of up to Rs 20 lakh (Rs 10 lakh in the special states category) are exempt from the GST.
“If carrying out an activity and having a total annual turnover during the previous year exceeds Rs 20 lakh, it must be registered in all states / territories where the Union made taxable supplies,” he said.
The tax on suppliers or excise taxes on services that have already migrated to the GSTN portal and received temporary identification, must complete the registration process before September 22, 2017 giving all documents after which GSTIN issued .
Taxpayers do not have to register under the GST system can cancel their registration before July 22. Those who do not migrate but are responsible for registration must do so before July 22, he added.
For new taxpayers who are not registered under previous tax regimes, they will have to register before July 30.
If, during the year, a company crosses the billing threshold of Rs 20 lakh, it will be applied for registration within 30 days to be held responsible for registration.
The Ministry of Finance said that if a company has a PAN, an e-mail id and mobile phone number, it can be applied online at the Common Portal and https://www.Gst.Gov.In/ be registered at the GST.
“Registration for GST is a very simple process, and the convenience of taxpayers has been taken into account during the design process,” the statement said.
The ministry said that being registered under the GST is for your own benefit and if you are likely to have a record, but do not enter, you can not take the credit from the tax receipt enjoyments.
Any registered person who purchases may not be able to obtain the tax credit on the inputs. Moreover, obtaining a record, while likely to do, also attract a penalty, he added.
“The record result was a growth in business. Potential buyers who are registered under the GST prefer to buy from suppliers who are also registered under the GST as this would give them the right to a tax credit for the tickets,” the ministry said. .
The recorded recording means that one contributes to the construction of the nation, ensuring that the corresponding taxes are collected and paid to the government, he added.
Earlier this week, Prime Minister Narendra Modi had asked all chief secretaries to work quickly to ensure that all traders are within the framework of the GST.
He conveyed this while presiding over a meeting of proactive government and rapid application (Pragati), a multimodal platform through which he interacts with senior state government officials by teleconference.