3rd June 2017
People are ready for the new tax reform and only a month is left for the roll-out of the goods and services (GST) tax. Platform has opened for businesses that would have to register on its network in the next fortnight.
This is probably the last chance when window will open before GST goes online on 1st July. One would have to be registered on the GST Network (GSTN) to raise an invoice under the new indirect tax regime.
Things needed to be amended in Business made during registration earlier in this window.
There has a report that transition of credit and inputs in stock were dependent on being registered with the GSTN. Switching will become if registration will be earlier. Individual would be able to register up certain limit.
GST registration will be beneficial and will avail the opportunity to avail of tax credit, charge output tax and pass it on to customers, and avoid a cascading impact of taxes under the current tax regime. People need to inform customers and suppliers of their registration if the whole value chain had to avail benefits of input tax credit.
If customers don’t have the registration number of the supplier, they would have to pay taxes on a reverse-charge basis and may not get reimbursement on the tax indicated on the invoice. Therefore, Both suppliers and customers would want registration details. In case the supplier does not have the registration number of the customer, it would be treated as a sale to an unregistered person and the credit will be lost.
The Central Board of Excise and Customs (CBEC) has made it compulsory for exporters and importers to declare valid GST registration numbers in customs documents, such as bill of entry and shipping bills, from 1st July. This will be required to avail Integrated GST credit on imports or GST refund on exports.
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