Comments
About 1,800 businesses that were registered under the earlier VAT and service tax regime have applied for migrating to the GST regime.
The GST Council, in its meeting in July, had allowed businesses with provisional GST ID to migrate to the new GST regime.
The Central Board of Indirect Taxes and Customs (CBIC) had then asked these taxpayers to approach the jurisdictional nodal officer of the Central or State government on or before the August 31, along with provisional ID, registration number under the earlier law, reason for not migrating in the system, along with the contact details.
“About 1,800 businesses have migrated to GST regime availing the latest migration window. The number could go up as the state tax officers are still compiling data,” an official told PTI.
Currently, over 1.15 crore businesses are registered under the GST regime, of which 63.76 lakh have migrated from the erstwhile service tax and VAT regime, and over 51 lakh are new registrants.
“The migration window since November 2016 had closed after roll-out of GST in July, 2017. Many taxpayers would have migrated when the window was open initially before GST roll-out. Hence, the turnout for migration would have been less this time,” the official added.
The process of migration of existing assessees to the GSTN had started in a phased manner from November 2016. Once a business migrates to GST regime, it is given a provisional ID. In the second stage, the business has to log in to the GSTN portal and give details of its business, such as the main place of business, additional place of business, directors and bank account details.
Thereafter, the business has to verify its registration through digital signature, or by generating an electronic verification code (EVC).
Many businesses, that were earlier registered with excise, service tax and VAT regime, had not completed the second stage of migration process.
In the VAT regime, businesses with turnover of upto ₹5 lakh were exempt. However, in Goods and Services Tax (GST) regime, the exemption threshold has gone up to ₹20 lakh. Hence, all businesses that were registered under erstwhile indirect tax regime, need not migrate to the GST regime.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.