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GST registration closes on July 30: Fin Min
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SME Times News Bureau | 15 Jul, 2015
The government on Saturday exhorted traders liable for registration
under the Goods and Services Tax (GST) regime to do so at the earliest
as July 30 is the last date, failing which would attract a penalty.
"As
per the GST laws, one is required to take registration on or before
July 30. 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.
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