What
are the new rules to sign up for GST Registration for new entrepreneurs?
The government changes its rules according
to situations in the market and it is important for businessmen to keep
themselves up to date on the information that proceeds in the market. As
presently the rules are changed for the GST
registration so now in this blog we will be discussing the new rules that
are imposed on signing up on GST.
New
rules to sign up for GST?
- For new GST registration, it is important to provide Aadhar or Aadhar like
biometric identification.
- The person who is registering for a new
GST should have to provide his income tax returns details so that it would be
helpful to the Government to verify the credentials of the given entrepreneur
that is seeking to register for a new GST.
- The new entities that are seeking GST registration would be classified as
Trustworthy and others on the basis of their credentials. The Government will
first analyze the credentials of the given new entities and then place a
suitable category.
- The Trustworthy entrepreneur would be one
that has a clean history of income tax payment and have his identity associated
with his authenticated Aadhar card. And he should also have a no GST
cancellation history to get eligible for the new GST registration.
- If
the entrepreneur comes in the Trustworthy entity then the entity would be
registered with GST within a week and if it comes under the others category
then the Government itself will verify physically by visiting the premises of
the respected entity. And GST
registration of the others would be given within two months.
- If the
entity is not trustworthy then he would be asked to pay a part of the tax
liability in cash and he would be not eligible for adjusting the tax fully
against the tax credit available to the respected entity.
If any business entity would not fill GST
returns for six months then he would have to face many issues in long term. And
presently, there are around 600,000 inactive GST registered firms out of 12
million firms. The Government is better armed with new digital tools that can identify
the leakages, defaults, and delays that come under the GST registration, so the business entity should follow the rules of
the Government that comes under the Goods and Service Tax(GST).
From the 1st of September Central Board of
Indirect Taxes and Customs(CBIC) notified interest will be counted on the net
tax accountability on the basis of the amount that left, after adjusting the
eligible ITC. The Taxpayers are now permitted to file another application for
the repeal of cancellation of Registration if their previous application has
been not accepted.
Conclusion:-
The blog basically is all about the new GST registration rules that have been
imposed by the Government. It is mandatory for all the new business entities to
follow the new rules of the GST to signup for the GST Registration.
