(The information given here is valid only after introduction of GST likely to be in 2016 and also subjected to changes by GST law drafting committee and other authorities)
What is Goods and Service Tax (GST)
GST, frequently asked Questions
Advantages of registering for GSTIN under Goods and Service Act
In this post, different advantages of registering GSTIN with goods and service tax is mentioned.
Obtaining GSTIN (GST Identification number) by registering with GST portal is important for any business person or firm to claim input tax credit of GST paid by him.
Why to register for GSTIN?
As per government proposal,
The business process proposed in this document is based on the following assumptions:
A legal person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.
There will be a threshold of Gross Annual Turnover including exports and exempted supplies (to be calculated on all-India basis) below which any person engaged in supply of Goods or Services or both will not be required to take registration. Once a dealer crosses the required threshold or he starts a new business, registration application must be filed within 30 days from the date of the dealer?s liability for obtaining such registration. Effective date of registration would be the date of application in all cases i.e. whether the application has been filed within prescribed time limit of 30 days or otherwise. The taxpayer would be eligible for ITC in respect of all his purchases from the date of application in case application for registration has been filed within 30 days. The taxpayer would, however, not be eligible for ITC in respect of his purchases prior to the date of registration in case the registration application is not filed within the prescribed time limit of 30 days, although Centre is of the view that such a provision may not stand the test of judicial scrutiny. On the other hand States, based on their experience under VAT, were of the view that having relevant provision in the GST law has helped them contest cases in courts.
In this post, different advantages of registering GSTIN with goods and service tax is mentioned.
You may comment your views about registration of GST identification number under Goods and Service Tax Act.
Click here to know GST rate on Goods and Services
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Registration procedures and formalities to obtain GSTIN
How to get GSTIN? (Goods and Service Tax Identification Number)
Advantages of registering for GSTIN under Goods and Service Tax Act
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