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Traders and business firms told to embrace GST before 30th July

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.

 Taking 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 online application.

 Itís simple. 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.

Getting 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.

 


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