Do you know
that as per the GST laws, you are required to take registration on or before
30th July, 2017 and donít wait for the last date, says a release by
central Board of Excise and Customs(CBEC) on 15th July.
Register now. If you are carrying out any business and have an annual aggregate
turnover in the preceding financial year exceeding Rs. 20 lakhs (Rs. 10 lakhs
in Special Category States), you need to register in all States/Union
Territories from where you are making taxable supplies. However, you need not
register if you are engaged exclusively in the supply of exempted goods or
services or both.
registration in GST is a very simple process, and the comfort of the taxpayer
has been kept in mind while designing the procedure. You can take registration
from the comfort of your home by filing an online application on the common
portal www.gst.gov.in. All you need is a valid PAN, email id
and a mobile number. Once these 3 details are verified, you will be required to
furnish other details relating to your 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. If there are no queries, you
will receive your registration online within 3 working days from submission of
But what will happen if you donít get registered? More than anything, getting
registered is for your own benefit. If you are liable to take registration but
donít get registered, you will not be able to enjoy the benefit of input tax
credit. Not only you, but any registered person, purchasing from you may not be
able to get the input tax credit. Not obtaining registration, though liable to
do so, would also attract penalty.
registered would lead to growth in oneís 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. This also means
that one is contributing his bit towards nation building, by ensuring that
appropriate taxes are collected and paid to the government. All traders are
requested to register at an early date without waiting for the last date.