New Delhi, Jul 15
The Finance Ministry has asked traders to complete registration under Goods and Services Tax regime as soon as possible without waiting for the deadline, 30th July 2017.
As per the provisions of GST, traders carrying out any business that has an Annual Aggregate turnover in the preceding Financial Year exceeding Rs. 20 lakhs(Rs 10 lakhs in Special Category States) are required to register.
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/.
The requirements for registration are a valid PAN, email id and mobile number. After the verification of these three requirements, further details of the business have to be registered. The necessary documents can be scanned and uploaded and physical submission of the documents is not mandatory.
Ideally, the registration is done within three working days if there are no queries in the documents. Any trader not following the procedures according to the rules or violating the rules will be subjected to penalty.
The Finance Ministry stated that by registering under GST, the traders are contributing towards nation building, while ensuring that appropriate taxes are collected and paid to the Government.