Goods and Services Tax – GST Dated:- 17-12-2015 – News – PROPOSED REGISTRATION PROCESS 29 th October, 2015 Chennai REGISTRATION OF TAXABLE PERSONS UNDER GST To give a unique identification to every taxable person. Link all GST related transactions of every person Enable proper accounting of taxes paid on input goods and services Enable passing of tax credit on supply of goods and services Ease in compliance verification. WHO ARE LIABLE TO BE REGISTERED? Persons registered to pay existing taxes that will be subsumed under GST. Persons with All-India Gross Turnover more than a threshold Persons making interstate supplies Casual and non-resident suppliers Voluntary Registration below threshold Unique-id for specific class of persons. SALIENT FEATURES OF REGISTRATION PROCESS PAN based Registration: PAN will be mandatory Unified application to both tax authorities to be filed within 30 days. State-wise regi
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Checksum. SUPPLIERS UNDER COMPOSITION SCHEME Suppliers with turnover below a particular threshold eligible for composition scheme. To pay tax on turnover with no input tax credit To opt at the beginning of the year – applicable till eligibility or opting out Switch from composition to regular scheme voluntarily or on crossing threshold Suppliers making interstate supplies not eligible. OBTAINING REGISTRATION Migration of existing tax payers to the GSTN database Taxpayers with valid PAN Online application form through Common Portal Documents to be filed for Constitution of Business Principal Place of Business Bank Accounts Authorised Signatory Photograph. OBTAINING REGISTRATION Applications not submitted through Digital Signature to be supported by sending a signed copy of summary extract of the form. Processing of application and grant of registration even before signed copy rec
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fusal by both Communication of reason for refusal of registration. MIGRATION OF EXISTING TAX PAYERS Existing registrants either with States or with Centre to be migrated to GSTIN – Process already initiated. VAT registration data to be used for migration of dealers in goods. Service Tax registration data to be used for migration of service providers Validation of existing registration information by GSTN Verification /updation of migrated data by existing registrants within a specified period. Issuance of GSTIN by GSTN Verification by Centre/State Authorities after issuance of GSTIN. AMENDMENT TO REGISTRATION DETAILS On-time amendment essential for efficient tax administration. Most of the details to be amended by the tax payer on self service basis. Some of them like mobile number and email address through online verification. Some critical details like name, principal place of business to be amended after approval
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