The government has asked traders to get registered under the Goods and Services Tax (GST) regime by 30th of this month.
However, traders with turnover of below 20 lakh rupees or those engaged exclusively in the supply of exempted goods or services need not register under the new tax regime which has kicked in from 1st of July.
Finance Ministry has listed the benefits of getting registered under GST, saying that input tax credit can be passed on in the value chain and due taxes collected will come to the exchequer.
Excise, VAT or service tax payers who have already migrated to the GSTN portal and have been issued provisional IDs need to complete the registration process by 22nd of September, by giving all the documents following which GSTIN will be issued.
If anytime during the course of the financial year a business crosses the 20 lakh rupees turnover threshold, it will have to apply for registration within 30 days from becoming liable for registration.