New Delhi: The government on Saturday exhorted traders liable for registration under the Goods and Services Tax (GST) regime to do so at the earliest as 30 July is the last date, failing which would attract a penalty.
"As per the GST laws, one is required to take registration on or before 30 July. All traders are requested to register now without waiting for the last date," the Finance Ministry said in a statement.
Traders carrying-out any business with an annual aggregate turnover in the preceding financial year exceeding Rs 20 lakh (Rs 10 lakh in special category states), need to register in all the states/union territories from where they are making taxable supplies. However, one need not register if exclusively engaged 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 thee 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.
Published Date: Jul 15, 2017 04:02 pm | Updated Date: Jul 15, 2017 04:04 pm