Goods and Services Tax, which is often referred to as an epoch-making reform has become imminent, after our President Pranab Mukherjee gave his approval on September 8, 2016 and on this facet Government is working in leaps & bounds to get this reform implemented. Under this reform, the existing taxpayers need to register themselves in GST’s database.
Who all are eligible to get enrolled under GST?
The GST system portal would encompass all the existing taxpayers as they need to get enrolled, and by an existing taxpayer I mean an entity registered with any of the mentioned authorities;
- Entry tax
- Luxury tax
- State sales tax/VAT (except exclusive liquor dealers)
- Central Excise
- Service Tax
- Entertainment tax
Moreover, enrollment under GST exemplifies the validation of the data of existing taxpayers.
Procedure for enrollment under GST System:
- Paperless Procedure: The process of enrollment under GST will go paperless, as Government would not entertain any hard copies. Further, all the existing taxpayers need to visit the GST system portal whose annual turnover is more than Rs 20 lakhs, the saturation limit.
- Use of Provisional ID & Password: Before visiting the GST portal system, the taxpayers need to have the Provisional ID & Password which has been given to you by the associated state authorities.
- Documentation: Information required for the registration includes-
- Provisional ID & Password
- Valid & Personal mail id
- Bank Account Number
- Valid Mobile Number
- IFSC Code
After submitting all the mandatory information, you will receive an Acknowledgement Number and you need to save it for future references.
-If you do not receive the Provisional ID & Password?
In this case, you need to contact your concerned state authorities.
-How to chose Primary Authorised Signatory?
All the activities on the GST Portal System on behalf of the taxpayer is the Primary Authorised Signatory.
-Mandatory Info for GST Registration?
Legal Name of the business, Pan of the Business, State, Reason of liability for registration, Email and Mobile Number.
GST is now around the corner and has become an actuality with its complex & stringent nature when the compliance policies are pondered. Enrollment under GST System is just a procedure to be followed, but the real thrust will begin from the month of July 2017.
Hence, as a responsible citizen of my country India I would suggest all the taxpayers and the newcomers to get set for GST. So, lay down your blueprint within time and hold your horses for a complete novice concept of GST.
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