GST Registration of Existing Taxpayers at GSTN Portal likely from 1 Nov. 2016

GSTN Portal plans Registration of Existing Taxpayers under GST from 1 Nov. 2016

The GST Network (GSTN) is reportedly in the process of opening a web portal for registration of vendors, traders, manufactures, service providers, etc. from 1 Nov. 2016. This will facilitate access to GSTN for the taxpayers to make submissions necessary for registration, tax payment, gst return filing, refund processing, etc. On the other hand, the GSTN has already opened up its developer portal for specialised IT firms to develop service applications related with tax payment and filing of returns under the GST.

As per GSTN’s plans, the portal will be open for existing taxpayers from Nov. 2016 and requisite Login information will be provided to them and new taxpayers may enroll with GSTN subsequently.

With finalisation of threshold limits for registration and applicability of GST, taxpayers and professionals now have basic clarity about the operational aspects of the new tax GST and exemptions therefrom.

It may be noted that GST Council has decided that all assessees with annual turnover/ revenue below Rs. 20 lakh (Rs. 10 lakh for 11 special category NE / Hill states) will be kept outside the purview of GST or say they will be exempted from GST. Further, the GST Council has announced compounding scheme also which may be opted by Small traders or taxpayers with annual turnover/ revenues ranging from Rs. 20 Lac to Rs. 50 Lac and a flat nominal rate of tax under GST shall be applicable to them.

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