Follow us on
Welcome Guest! You are here: Home » Business & Economy
Govt asks businesses to register under GST by July 30 to avail Input Tax Credit

Saturday July 15, 2017 6:55 PM, News Network

GST Registration

New Delhi:
The Unions Government Saturday asked traders to get registered under the Goods and Services Tax (GST) regime by July 30 in order to avail Input Tax Credit.

A statement issued by the Union Finance Ministry said that getting registered under GST is for one's own benefit and if one is liable to take registration but does not get registered, one will not be able to enjoy the benefit of input tax credit.

"As per the GST laws, one is required to take registration on or before July 30, 2017. All traders are requested to register now without waiting for the last date," the statement said.

Listing the benefits of getting registered under GST, the ministry said that input tax credit can be passed on in the value chain and due taxes collected will come to the exchequer.

"Therefore, traders are requested to register under GST immediately without wasting any more time," it said.

However, traders with turnover of below Rs 20 lakh or those engaged exclusively in the supply of exempted goods or services need not register under the new tax regime which has kicked in from July 1.

"If one is carrying out any business and has an annual aggregate turnover in the preceding financial year exceeding Rs 20 lakh, you need to register in all the states/Union Territories from where you are making taxable supplies," it said.

If anytime during the course of the financial year a business crosses the Rs 20 lakh turnover threshold, then it will have to apply for registration within 30 days from becoming liable for registration.

Excise, VAT or service tax payers who have already migrated to the GSTN portal and have been issued provisional IDs need to complete the registration process by September 22, 2017, by giving all the documents following which GSTIN will be issued.

Those taxpayers who need not register under the GST regime can cancel their registration by July 22. Those who have not migrated but are liable for registration will have to do so by July 22, it added.

"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.

For new taxpayers who are not registered under any of the erstwhile tax regimes, they will have to get themselves registered by July 30.

The finance ministry said if a business has a valid PAN, email ID and a mobile number, then it can file an online application on the common portal and get registered for GST.

"Taking registration in GST is a very simple process, and the comfort of the taxpayer has been kept in mind while designing the procedure.

"One can take registration from the comfort of your home by filing an online application on the common portal

"All one need is a valid PAN, email id and a mobile number. Once these 3 details are verified, one will be required to furnish other details relating to his/her 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, one will receive his/her registration online within 3 working days from submission of online application", the statement said.


Share this page
 Post Comments
Note: By posting your comments here you agree to the terms and conditions of