Traders having turnover in the preceding financial year exceeding Rs. 20 lakh need to register for GST.
According to GST laws, traders are required to register on or before July 30, 2017. The finance ministry has urged all traders to register now without waiting for the last date. " 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," the finance ministry said in a statement.
Timelines
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.
For new taxpayers who are not registered under any of the erstwhile tax regimes, they will have to get themselves registered by July 30.
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.
Here is the GST registration process, as stated by Finance Ministry
The Finance Ministry said "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.
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.
But what will happen if one doesn't get registered?
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.
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. (With agency inputs)
Timelines
| Registered under any of the existing law | Migrated | Liable for registration in GST regime | Provisional Ids issued need to be converted to GSTIN by submitting necessary documents in 3 months (i.e. by 22nd September 2017) |
| Not liable for registration in GST regime | Need to apply for cancellation in 30 days (i.e. by 22nd July, 2017) | ||
| Not-Migrated | Liable for registration in GST regime | Need to apply for registration within 30 days (i.e. by 22nd July, 2017) | |
| Not registered under any of existing law | Liable for registration in GST regime | Become liable from 01/07/2017 | Need to apply for registration within 30 days (i.e. by 30thJuly, 2017) |
| Become liable after 01/07/2017 | Need 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.
For new taxpayers who are not registered under any of the erstwhile tax regimes, they will have to get themselves registered by July 30.
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.
Here is the GST registration process, as stated by Finance Ministry
The Finance Ministry said "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.
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.
But what will happen if one doesn't get registered?
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.
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. (With agency inputs)
Track Latest News Live on NDTV.com and get news updates from India and around the world
