SIGN IN SUBSCRIBE

News Update

Filing of Form 10A & 10AB: CBDT extends due date to June 30RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesIsrael-Iran War: A close shave for Global Economy but for how long?I-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITATTRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum LeasingI-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITATTechnology Board okays funding of Dhruva Space's Solar Array ProjectI-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITATHealth Secy visits Bilthoven Biologicals, discusses production of Polio VaccineI-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITATStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideI-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITATDelhi HC says conspiracy against PM is a crime against StateI-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITATBrazil makes new rules to streamline consumption taxesI-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITATBiden signs rules mandating airlines to give automatic refunds for delayed or cancelled flightsI-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITATBYD trying to redefine luxury for new EV variantsGST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HCSC asks EC to submit more info on reliability of EVMsRight to Sleep - A Legal lullaby
 
GST - Govt asks Traders to register before July 30

By TIOL News Service

NEW DELHI, JULY 15, 2017: AS per the GST laws, one is required to take registration on or before 30 th July, 2017. All traders are requested 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), one needs to register in all the States/UTs from where one is making taxable supplies. However, one need not register if one is engaged exclusively in the supply of exempted goods or services or both. The timelines for applying for registration are as follows:-

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 22 nd September 2017)
Not liable for registration in GST regime Need to apply for cancellation in 30 days (i.e. by 22 nd July, 2017)
Not-Migrated Liable for registration in GST regime Need to apply for registration within 30 days (i.e. by 22 nd 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 30 th July, 2017)
Become liable after 01/07/2017 Need to apply for registration within 30 days from becoming liable for registration

Govt has stated that taking registration in GST is a very simple process, and the comfort of the taxpayer has been kept in mind while designing the procedure. One can take registration from the comfort of one's home by filing an online application on the common portal https://www.gst.gov.in/ . All one need is a valid PAN, email id and a mobile number. Once these three 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 three working days from submission of online application.

It's simple. But what will happen if one doesn't get registered?

More than anything, getting registered is for one's own benefit. 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.

Getting registered would lead to growth in one's business. 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. Therefore, traders are requested to register under GST immediately without wasting any more time.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST