The government urged traders on Saturday to register for the goods and services tax (GST) soon, and not wait for the July 30 deadline. If one owns a business with an aggregate turnover exceeding Rs 20 lakh in the preceding financial year (Rs 10 lakh in special-category states), they will need to register in all the states and Union territories to which they make taxable supplies.
“However, one need not register if one is engaged exclusively in the supply of exempted goods or services or both,“ the finance ministry said.
The ministry said GST registration was a very simple process -one can register from home by filing an online application on the common portal The documents needed are a valid PAN card, email id and a mobile phone number.
Once the details are verified, applicants will be asked to furnish other details about their business. “There is no need to submit any physical documents (unless a query is raised and documents asked for) and all necessary documents can be scanned and uploaded,“ the statement said.
If there are no queries, one will be registered within three working days of applying. “More than anything, getting registered is for one’s own benefit.If one is liable to take registration but doesn’t get registered, they will not be able to enjoy the benefit of input tax credit. Not only heshe, but any registered person purchasing from him her may not be able to get the input tax credit. Not obtaining registration, though liable to do so, would also attract penalty ,“ the ministry said.
It said that 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. It said that registering under GST also meant that one was contributing towards nation-building by ensuring that appropriate taxes were collected and paid to the government.
25 Oct 2020
26 Oct 2020