Govt asks businesses to register under GST by July 30

The government 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.

(Agencies)

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