The government of India plans to implement the Goods and Service tax (GST) from April 2017. With this focus, the tax department came out with draft rules relating to registration today, invoice as well as payment which will be finalized by the GST Council on Friday, 30th September 2016. Revenue Secretary Hasmukh Adhia tweeted that they intend to have these rules approved by the council of GST in its meeting on 30th September so that business systems can be modified by all.
The Central Board of Excise and Customs (CBEC) have invited comments by Wednesday. It comes less than a week after the first meeting of the GST Council. Adhia added that Business community may view them and give quick comments, if any, by 28th September night on gst-cbec@gov.in. The draft rules provide for online registration by residents within three days of submission of application.
On the other hand, the non-residents who come under the GST roof are required to electronically submit the application for registration at least 5 days before the commencement of business and also deposit full tax liability in advance. The government also aims to implement the new indirect tax regime Goods and Services Tax (GST) from 1st April, 2017, and to that effect the GST Council will hold its second meeting on 30th September.
This meeting aims to finalize the rules for GST. The rules hence drafted will form a base when a tax official fails to take any action on registration application within a pre-decided time-frame, the application for grant of registration shall be considered to have been approved. As per the norms specified in the GST draft, the applicant seeking registration will have to submit PAN (Permanent Account Number), mobile number, email address either on the common portal or through a facilitation centre.
The tax authorities is suppose to use this PAN, one time password and Aadhaar number to verify the details of the respective applicant. In case all documents are in order, the tax official will approve GST registration within three working days from the date when the application was submitted.
The Takeaway from the GST Draft at a Glance
- The online registration by any resident has to be done within 3 days of submission of the application.
- Non-residents will be required to submit their application electronically for registration 5 days prior to the commencement of business and also deposit full tax liability in advance.
- If any tax official does not take action on registration application within a stipulated time frame, the application shall be observed as approved.
- The applicant will have to submit PAN, mobile number, email address on the specified common portal or through a facilitation centre.
You can also read about the impact of GST in The Magic Wand Moved, GST Dream to Be Turned into Reality
To get GST Registration Company in Delhi at your fingertips Great Solution provides best services in reasonable cost under one roof. We are just one call away from you.
ReplyDelete