As the country heading towards the roll out of GST on 1st July, the Government to shut down the registration process with GSTN network tomorrow as the deadline of 15 days window period ends tomorrow. But the registration will be re-opened soon on 25th June, just before the implementation of the proposed Goods and Service Act.
Reportedly, 80 per cent of the existing tax payers are migrated to the GST regime.
There are about 80 lakh excise, service tax and VAT assessees at present, of which 64.35 lakh have already migrated to the portal of GST Network — the company readying the IT backbone for the GST regime. The window for migration to the GSTN, which opened on June 1, will close tomorrow and during the fortnight, 4.35 lakh taxpayers have enrolled taking the total to 64.35 lakh.
GSTN Chairman Navin Kumar sought to allay concerns of businesses who have not registered so far saying that the tax department is “obligated” to provide them smooth transition into the GST regime but traders should also come forward and complete the registration process by filling up the application form.
Registration with the GSTN is necessary for doing business in the Goods and Services Tax (GST) regime as businesses will have to upload monthly sales data as well as file return forms on this portal.
However, GSTN is prodding taxpayers and has sent e-mails to over 30 lakh assesses who have not completed their registration process to make them ready by the scheduled rollout date of July 1.
When a business registers under GST, it is given a provisional GSTIN. After that, in the second stage, the business has to log in to the GSTN portal and give details of its business, such as the main place of business, additional place of business, directors and bank account details.
Thereafter, the business has to verify its registration through digital signature, or by generating an electronic verification code (EVC).
Since in GST up to Rs. 20 lakh turnover is exempt, all of the VAT assessees need not migrate to the GSTN. However, if they supplying to other businesses or if they want to pass on credit, then registration of business would be required.
Till April 30, around 60 lakh taxpayers out of a total of 80 lakh, had migrated to the new payment portal of GSTN. The tally has now gone up to 64.35 lakh.
