The Finance Ministry today made a statement that the traders should obtain registration under the Goods and Service Tax (GST) law at the earliest without waiting for the last day. It clarified that persons who fails to take registration before July 31st would face penal actions.
The GST Laws were implemented by the Central Government on July 1st, 2017.
“As per the GST laws, one is required to take registration on or before 30th July, 2017. All traders are requested to register now without waiting for the last date,” the statement said.
“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), you 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.”
If one is liable to take registration but does not get registered, he will not be able to take the input tax credit. Also, any registered person, purchasing from such a trader may not be able to get the input tax credit. “Not obtaining registration, though liable to do so, would also attract penalty,” the statement said.
To take the registration, a trader needs to file an online application on the portal https://www.gst.gov.in/ for which a valid PAN, email id and a mobile number is a must. Once these three details are verified, the trader will be required to furnish other details relating to the business. No physical documents need to be submitted unless a query is raised and documents are asked for. All necessary documents can be scanned and uploaded.
The trader will receive his/her registration online within three working days from submission of online application, it said. The government said that by getting registered a trader can help grow his business and also contribute to nation building.
“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,” it said.
