Traders with Rs20 lakh turnover must register under GST by July 30
The government on Saturday asked traders to get registered under the goods and services tax (GST) regime by July 30. However, traders with turnover of below Rs 20 lakh or those engaged exclusively in the supply of exempted goods or services need not register under the new tax regime which has kicked in from July 1.
"As per the GST laws, one is required to take registration on or before July 30, 2017. All traders are requested to register now without waiting for the last date," a finance ministry statement said. Listing the benefits of getting registered under GST, the ministry said that input tax credit can be passed on in the value chain and due taxes collected will come to the exchequer. "Therefore, traders are requested to register under GST immediately without wasting any more time," it said.
Businesses with turnover of up to Rs 20 lakh (Rs 10 lakh in special category states) are exempt from GST. "If one is carrying out any business and has an annual aggregate turnover in the preceding financial year exceeding Rs 20 lakh, you need to register in all the states/ Union Territories from where you are making taxable supplies," it said.
Excise, VAT or service tax payers who have already migrated to the GSTN portal and have been issued provisional IDs need to complete the registration process by September 22, 2017, by giving all the documents following which GSTIN will be issued. Those tax payers who need not register under the GST regime can cancel their registration by July 22. Those who have not migrated but are liable for registration will have to do so by July 22, it added. For new taxpayers who are not registered under any of the erstwhile tax regimes, they will have to get themselves registered by