The government on Saturday urged 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 for registeration. Missing the deadline and failing would lead to a penalty.
“As per the GST laws, one is required to get registred on or before July 30. All traders are requested to register now without waiting for the last date,” the Finance Ministry said.
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 for 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.
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.
The government said that by getting registered a trader can help grow his business and also contribute to nation building.