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LATEST NEWS UPDATES | Register with GST, don't wait till July 30 deadline: Govt to traders

Register with GST, don't wait till July 30 deadline: Govt to traders

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published Published on Jul 16, 2017   modified Modified on Jul 16, 2017
-The Times of India

NEW DELHI: 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 is 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 https://www.gst.gov.in/. 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 he/she, 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.

Please click here to read more.

The Times of India, 16 July, 2017, http://timesofindia.indiatimes.com/business/india-business/register-with-gst-dont-wait-till-july-30-deadline-govt-to-traders/articleshow/59613886.cms


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