Govt asks traders to register under GST regime without waiting for last date

New Delhi, Jul 15: The Finance Ministry has asked the traders to do the registration under Goods and Services Tax regime without waiting for the last date i.e. July 30, 2017. As per the GST laws, one is required to take registration on or before July 30, 2017. As per the provisions of the GST, if one is carrying out any business and have an Annual Aggregate turnover in the preceding Financial Year exceeding Rs 20 lakh (Rs 10 lakh in Special Category States), they need to register in all the States/Union Territories from where you are making taxable supplies. However, one need not register if one is engaged exclusively in the supply of exempted goods or services or both. The registration can be done on the GST portal https://www.gst.gov.in/. For Registration of a valid PAN, email id and a mobile number is a must. Once these 3 details are verified, one will be required to furnish other details relating to his/her business. As per the Finance Ministry statement, 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 three working days from submission of online application. If one is liable to take registration but don’t get registered, one 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. 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. This also means that one is contributing his bit towards nation building, by ensuring that appropriate taxes are collected and paid to the Government. Therefore, traders are requested to register under GST immediately without wasting any more time. UNI